We discussed this market in the weekly trade ideas last week and how price was strangled within a tight range and box pattern.
Price has finally broken out of this consolidation and exploded higher.
The breakout traders who made this trade would not be sitting on handy profits whilst others could be looking for a second chance entry.
If price rotates lower back...
AUDJPY has been consolidating in a Box for 10 weeks now and started to form a Wedge inside that box in the last 5 weeks.
The pair will thus probably give a good breakout soon in one of the two directions with different level of Targets.
Patience required to plan the setup.
OIL under observation for possible LONG positions.
The indicator in my algorithm has shown good results in this last month on the Daily chart (blue rectangles in the original post on my blog).
This ticker has been ranging in a box between 53.00 and 56.85 (apart from a couple of false breakouts long) which suggests - together with macro indicators - that the price...
#EURGBP has been trading in a box in the last week.
Macro indicators from all sides show the weakness of the GBP, so we expect a breakout LONG with some levels of TP for the short/medium term:
around the 88, around the 89 and then further up to 89.5 and over to be confirmed by technical indicators.
A bit of reassessment was expected to happen at the market...