InstaForex

October 11, 2021

Weekly Technical Outlook: Gold and MRNA’s Uptrends, EUR/JPY’s Range Resistance

 Welcome to a brand new trading week, errbody!


This week we’re looking at Gold and MRNA’s uptrends as well as a veryyy interesting resistance zone for EUR/JPY.


Don’t even think of missing these setups!


MRNA: Daily

Moderna Inc. (MRNA) broke a Double Top pattern at the start of the month and now it’s trading around the $300 levels.



Bulls have the edge as MRNA trades near a trend line support that’s been around since April as well as the 100 SMA on the daily time frame.

Look out for MRNA bouncing from $300, which could take it back to the $400 Double Top “neckline” or even August’s highs closer to $475.


Before you buy like there’s no tomorrow, though, you also gotta watch out in case MRNA dips back down to $250, which is near the 200 SMA and July’s gap that has yet to close.


EUR/JPY: Daily

Where my forex brothas and sistahs at? EUR/JPY is about to hit 130.50, a level that euro bears have held since mid-July.


What makes the setup more interesting this week is that we could see a moving average crossover right around the time EUR/JPY hits the 130.50 range resistance.


Don’t discount the bulls, though! If the last two candlesticks are any clues, then it’s still possible to see an upside breakout that could push EUR/JPY back to $132 or even its $134 highs.


Gold : Weekly

You up for more trend continuation? Gold CFD is forming what looks like a flag pattern just as it hits a key trend line support on the weekly time frame.



Can gold bulls extend the uptrend? The 100 SMA has the trend line support’s back right now but the bears could just as easily drag the asset to the descending channel support closer to the 200 SMA.

Since we have yet to see a convincing bearish or bullish candlestick pattern, all we can do is plan for a trip in either direction.


Make sure you’re ready in case gold extends its uptrend ASAP or drops lower before finding support!