July 5, 2021

Weekly Technical Outlook: Consolidation and Reversal Plays on EUR/USD, AMC, and Silver

 Ready for another round of chart opportunities?

Let’s set you up for wins with a potential reversal for EUR/USD and triangle plays on Silver and AMC.

Check them out!

EUR/USD: Daily

Crossover alert! EUR/USD’s 100 SMA looks ready to cross below the 200 SMA on the daily time frame.

If you’re not too impressed with a simple crossover, then you should know that EUR/USD made notable moves the last FOUR times we saw the 100 SMA crossed over the 200 SMA.

Are we looking at the euro taking more hits against the dollar? Before you short EUR/USD like there’s no tomorrow, take note that the 1.1700 range support hasn’t tolerated the bears’ shenanigans since June 2020. That means you gotta wait and see how EUR/USD reacts to 1.1700 first!

Silver: Weekly

A coupla weeks ago, we talked about Silver consolidating in a range after seeing a sharp upswing. Well, the “range” is turning out to be an “ascending triangle” with the trend line support remaining intact.

Commodity bulls can target the $28.50 handle, which has been serving as resistance and was a major area of interest in mid-2012. That’s about the time our dude Zuck married his longtime girlfriend Priscilla Chan!

A break below the trend line support, on the other hand, can lead to a dip back to the 22.00 – 23.50 previous area of interest.

AMC: Weekly

Here’s one for the AMC apes in the back!

AMC just popped up a Hammer after hitting a trend line support on the weekly time frame.

Will we see a bounce to the triangle’s resistance? A move to the $58.60 – $59.00 zone is possible if more buyers step in. Heck, if this consolidation turns out to be a bullish pennant, then we could even see a trip to June’s highs or even new 2021 highs!

Watch this one closely, my dudes!