In the world of forex and commodity trading, anticipation is often the name of the game. Traders are constantly on the lookout for signals and trends that can help them make informed decisions about when to buy or sell. In recent times, three key assets have been the focus of much attention among traders: EURUSD, GBPAUD, and GOLD. Let's delve into why traders are anticipating bullish waves on these particular instruments.

The EURUSD Performance 

(UPDATE) - EURUSD is still trading in the support zone.

The previous weekly timeframe candlestick bounced from the support zone around 1.05110 as well as the bottom of the descending channel on the H4 timeframe. The MACD created a higher low which indicates that the bears are losing momentum. 

According to this price action traders anticipate a short-term rally back to the top of the channel and the resistance zone around 1.06799. As such the lower timeframe break above structures will confirm further upside momentum.

The GBPAUD Performance 

GBPAUD is now trading above the resistance zone.

GBPAUD is trading within a bullish trend on the weekly timeframe. A retracement has been forming for the past couple of weeks and recently bounced from the support zone around  1.8911. This has led to a break of structure of the H4 trend to the upside and a bullish reversal pattern has been formed. 

This price action indicates that traders are bullish since it is in line with the weekly timeframe trend. Traders will use the H4 timeframe price action to spot bullish trading opportunities, though. The next area of resistance, found around 1.93570, is where short-term aims are set.

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The XAUUSD (GOLD) Performance

GOLD is ready to push up.

GOLD has created a lower low from the current descending structure which is in line with the lows of the channel and the support zone around 1807.00. At the moment it is trading on the previous lower high around 1855.55. 

According to this price action and the current behaviour of this structure, traders anticipate GOLD to gain value and a counter-trend wave back to the top of the channel. As such traders will use a break and close above the 1855.55  zone to confirm further bullish momentum.

Final Thoughts On Today’s Analysis 

In conclusion, traders are closely watching the EURUSD, GBPAUD, and GOLD for potential bullish movements. The interplay of central bank policies, economic recovery, and global uncertainties are all contributing to the anticipation of these bullish waves. As always, it's crucial for traders to conduct thorough analysis and risk management before making any trading decisions in these volatile markets. Subscribe to our channel to learn more about our analysis.