MarketBreakdown | Dollar Index, Silver, EURCAD, WTI Oil

24 Jun

https://www.tradingview.com/x/07CWxYiN/

Here are the updates & outlook for multiple instruments in my watch list.

1️⃣ Dollar Index #DXY daily time frame 💵

Dollar Index nicely respected a key daily horizontal resistance.
We see a nice bearish reaction to that today.

Because of the absence of important fundamentals,
I think that DXY may keep staying under a bearish pressure.

2️⃣ Silver #XAGUSD daily time frame 🪙

The price action on Silver contracts.
The market is currently stuck between 2 trend lines,
forming a classic symmetrical triangle formation.

Before the release of the news, the market will most likely
stay within the triangle, respecting its upper and lower boundary.

US fundamentals this week can be a catalyst for a breakout.
The side of the breakout will indicate you the future direction of the market.

3️⃣ #EURCAD daily time frame 🇪🇺🇨🇦

The market is approaching a significant confluence zone based
on a recently broken horizontal support and a trend line.

The broken structures compose a supply zone from where we may
see a bearish movement.

Patiently analyze the reaction of the price to that on lower time frames
and look for a confirmation to sell.

4️⃣ #WTI CRUDE OIL 🛢️

The market is currently stuck between 2 horizontal structures
within a narrow range.

I will wait for a breakout of one of the structures to confirm
where the market will go next.


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