This Week's Top Trade Ideas (April 22-26)

Don't miss out! Top trade ideas for this week based on analyst recommendations.

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Welcome aboard today's edition of The Forex Buzz newsletter! Buckle up for another thrilling ride in the market as we serve you a fresh, hot watchlist and a roundup of all the major news and events. Whether you're a seasoned pro or just dipping your toes in the trading waters, our newsletter is your trusty sidekick for staying in the know and staying one step ahead of the game.

FEATURED TRADE IDEA

EUR/JPY

The overall outlook for EUR/JPY is cautiously bearish. The formation of a rising wedge pattern, coupled with the pair's proximity to major resistance levels, suggests that a bearish reversal could be on the horizon. The presence of a significant supply zone further supports this view. Traders should monitor price action closely for signs of a breakout below the rising wedge pattern, which could signal a potential downtrend. However, it's essential to remain flexible and consider other technical and fundamental factors before making trading decisions.

Technical Analysis

  • EUR/JPY is currently forming a rising wedge pattern, which is typically a bearish reversal pattern.

  • The pair is also approaching major resistance levels, with the all-time high at 169.970.

  • Additionally, EUR/JPY is just below a significant supply zone, indicating potential selling pressure.

  • Traders should watch for a break below the rising wedge pattern and a rejection from the major resistance levels for potential short opportunities.

EUR/JPY Analysis

EUR/JPY - Daily Chart

XAU/USD

The overall outlook for XAU/USD remains bullish, supported by a long-term uptrend. Although there is potential for a short-term decline towards 2300-2306, as indicated by the Fibonacci golden pocket and support levels around 2330, the broader trend suggests that any such pullback could be viewed as a buying opportunity. Traders should remain cautious of key support levels and monitor price action for signs of a reversal. As always, it's important to stay informed and adapt to changing market conditions.

Technical Analysis

  • XAU/USD has support around 2330, which is also supported by the Value Area Low (VAL).

  • A break and hold below this level could lead to a further decline towards 2300-2306, which is supported by the Fibonacci golden pocket.

  • Despite short-term potential downside, the overall trend for gold has been bullish, suggesting that buying setups could be favorable.

  • Traders should monitor price action around these key levels for potential entry and exit points.

EUR/USD Chart Analysis

XAU/USD - 4hr Chart

MAJOR EVENTS

Image of Major Economical Events

Data from Investing.com

MARKET OVERVIEW

Index Returns

Index Returns Last Week

Currencies Returns

Currencies Returns Last Week

Fear and Greed Index

Fear and Greed Index Chart

Data from CNN

THANKS FOR READING

We hope you enjoyed today’s analysis, packed with all the juicy insights you need to conquer the trading world! Stay tuned for more updates, analysis, and watchlists from The Forex Buzz. Remember, the secret sauce to trading success is staying in the loop and making those savvy decisions. Thank you for being an awesome part of our community, and get ready for even more epic content coming your way soon. Until next time, trade on and stay awesome!