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XRP’s ‘most bullish pattern’ targets $6 despite latest correction
· XRP traded at $2.82 on Thursday, with a potential cup-and-handle breakout projecting a 120% rally to $6.20.
· The XRPUSD pair needs to flip $3-$3.10 into support, as $2.80 remains a key level of interest for traders.
XRP XRPUSD price has dropped over the last seven days, reaching a low of $2.81 on Thursday. This resulted in a 23% drawdown from multi-year highs of around $3.66 to the current level of $2.82.
Despite the pullback, a strong technical setup on higher time frames and online data suggest that XRP’s upside remains intact.
FX option expiries for 9 October 10am New York cut
There are just a couple to take note of on the day, as highlighted in bold below.
They are for EUR/USD at the 1.1600 and 1.1615 levels. Similar to yesterday, they don’t hold much technical significance but could offer something for buyers to lean on in trying to keep price action afloat heading towards the end of the week. That as we start to see a battle around the 100-day moving average of 1.1631 currently, where price hasn’t firmly broken below that since March this year. So, that’s a key line in the sand to watch out for besides the expiries.
GBPUSD; Pause above key support
- What caught my eye was a weaker GBPUSD and a pause above key daily support sat 1.3343. As you’ can see by this chart, there is a big void below 1.3343, making it a key level.
- Note selling seemed to come out of a firmer EURGBP, which has come off its high, thus easing some selling pressure on the GBPUSD.
- Intra-day resistance: 1.3420
GBPUSD DAILY CHART
XAUUSD (GOLD): Will the move above 4000 be sustained?
- I asked this question earlier: Will the move above 4000 be sustained?
- As also noted, Test of how much of Gold’s surge is due to safe haven flows will come if there e is a ceasefire deal between Hamas and Israel
- What made no sense was why GOLD was surging with signs that a peace deal was close to being agreed unless its strength went beyond just being a safe haven.
- In any case, 4000 will dictate its tone but chart wise, a break of 3940 would be needed to say a high is in.
XAUUSD 4 HOUR CHART
There are some articles that stand the test of time. The following is an article I wrote over 10 years ago that is worth reposting. The article asks a question that is as relevant today as it was back then.
Is Gold Becoming the Next Major Currency?
XAUUSD (GOLD): Pivotal time for the Gold rally
- Having surged through the pivotal 4000 level the question should be Will it be sustained?
- Test of how much of Gold’s surge is due to safe haven flows will come if there e is a ceasefire deal between Hamas and Israel
- 2 levels matter: 4050 (as a pivot) and 4000 as the key psychological level that needs to hold to keep the uber bid, making 4000-4050 a sticky zone.
- Supports: 3940 on 4 hour, 4026 on 1 hour.
- Resistance: 4059 (record high)
XAUUSD 4 HOUR CHART
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