As we forecast uptrend for this day, so Forecast City suggests buy (limit) above S1=133.9.
But the short term forecast is range bound, so we expect to reach the following targets:
Set the stoploss of these orders at breakout of S2=133.7.
Stop and reverse:
If trend gets reversed, sell (stop) orders will be opened at breakout of...
I base my assumption that the exchange rate channel is currently rising. Yesterday's correction could have been a downward shift from this wave channel. This is also confirmed by the fact that the fractal in the previous triangle also carried this wave structure. I now expect a more sustained rise.
Potential short coming up. Bullish momentum looks like its dying down. Just tapped into our 4 hour chart resistance trend line which has been respected twice. Nearly broke through it but sellers came and now have pushed price down slightly. If we manage to break through resistance don't take the trade.
AUDUSD CURRENTLY ABOVE MONTHLY SUPPORT AROUND 0.69140, WHAT WE LOOKING FOR NOW IS A SLIGHT CORRECTION BACK TO 0.69880 AND ANTICIPATING NEXT LEG OF LONG TO UNFOLD TOWARDS 0.70690
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A bearish engulfing pattern is a technical chart pattern that signals lower prices to come. The pattern consists of an up (white or green) candlestick followed by a large down (black or red) candlestick that eclipses or "engulfs" the smaller up candle.
GBPUSD - Intraday - We look to Sell at 1.2506 (stop at 1.2546)
Previous support level of 1.2439 broken. Bullish divergence can be seen on the daily (the chart makes a lower low while the oscillator makes a higher low), often a signal of exhausted bearish momentum, or at least a correction higher. Previous...