Weekly Technical Outlook: Silver Breakout & GBP/AUD Trend Setup

National Financial Solution > Forex Trading > Weekly Technical Outlook: Silver Breakout & GBP/AUD Trend Setup

I’ve got a trend-following play, reversal setup, and breakout opportunity on my watch list for this week.

Check out these charts of silver, GBP/AUD, and the next potential meme stock!

Silver: Daily

XAG/USD Daily Chart
XAG/USD Daily Chart

Keep your eyes peeled for a potential triangle breakout, fellas!

Silver has formed higher lows and found resistance around $26.35 per ounce, creating an ascending triangle on its daily time frame.

Bulls might be strong enough to charge past the ceiling and set off a climb that’s the same size as the chart pattern. After all, the 100 SMA is above the 200 SMA to confirm the presence of upside momentum while Stochastic appears to be pulling up.

If sellers defend the resistance, silver could retreat back to the bottom of the triangle or the nearby dynamic inflection points at the moving averages.

GBP/AUD Daily Forex Chart
GBP/AUD Daily Forex Chart

This forex pair has been moving steadily higher inside a rising channel on its long-term time frame.

Price is testing the resistance, and it looks like another pullback to nearby support levels might follow. Applying the handy-dandy Fib tool shows where more buyers are waiting.

The 61.8% level is pretty close to the channel support at the 1.8050 minor psychological level and the moving averages. A bullish crossover is forming to confirm that buyers are regaining the upper hand.

However, Stochastic has some room to head south before reaching the oversold region to show that sellers are taking a break.

JAGX: Daily

JAGX: Daily Chart
JAGX: Daily Chart

Looking for the next “meme stock” to add to your portfolio?

Word through the grapevine is that Reddit traders are now turning their sights to this biotech company called Jaguar Health.

As you can see from the chart above, the stock already busted through the neckline of its double bottom on the daily time frame, so there could be some upside potential right here.

Just be careful since Stochastic is already reflecting exhaustion among buyers. This might provide a quick pullback opportunity to the broken neckline, which might now hold as support since the moving averages are suggesting a continuation of the long-term climb.

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