Fundamentally, my directional bias for this pair remains to the downside in spite of a positive GBP retail sales % last Friday and good data on the UK employment situation last Wednesday. A real boost to the GBP could come from a rate hike, but the unanimous vote by the BoE members to maintain rates at their current level of 0.5% signals the UK, like many other...
This pair has been ranging in a 255 pip wide bearish channel on the 30M for the last 3 days and 18 hours. We can now see the contour of a 5-point extension structure taking shape: a deep bullish Crab pattern. The price comfortably passed the B point on its way towards the potential reversal zone (PRZ) and has progressed 75% on its way to completion point D. Main...
We have a Bat pattern finishing on the 30M chart. Price already tested the PRZ (and overshot it a little, but could still stabilise and reverse nicely) and the RSI is clearly oversold. When defining the PRZ for a Bat pattern, we look at the projection of three harmonic levels. I: the 886 retracement of XA, II: an extended AB = CD pattern (in this case 1272 AB =...
This pair has been ranging in a 230 pip wide bearish channel on the 30M for the last 18 days. It sharply dropped 100 pips last Friday, on the back of US hourly earnings data being reported at -0.2%, raising warning flags regarding the economy. On top of that, FED members expressed there will be no hurry to do a rate hike this year. Despite all this, on the daily...
This pair can only go 2 directions UP or Down. Support and resistance levels are @109.29 and @108.64. Depending on market open price the direction will be established. 30 pips on long position OR 35 on short position.
