Multiple confluences showing signs that GBPUSD might sell off from here.
Multiple profit taking levels shown along the way using intraday support/resistance zones. My stop loss is placed above todays wick rejections and price resistance levels.
Trading suggestion:
. There is still a possibility of temporary retracement to suggested resistance line (1.1785). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. EURUSD is in a range bound and the beginning of downtrend is expected.
.The price is above the 21-Day WEMA which acts as a...
THIS IS JUST MY THOUGHTS AND ANALYSIS
From what I can see looking at the monthly chart gold is set up for a massive drop, its made an all-time high, there has been hardly any correction and it's just completely flown away from the trendline (lol)
I can see a massive amount of divergence on all timeframes and a huge amount of upwards momentum. The last time this...
Trading suggestion:
. There is still a possibility of temporary retracement to suggested resistance line (1.5784). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. EURCAD is in a range bound and the beginning of downtrend is expected.
.The price is above the 21-Day WEMA which acts as a...
Trading suggestion:
. There is a possibility of temporary retracement to suggested support line (124.4). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. EURJPY is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
....
Personally looking for selling pressure in either of the two highlighted areas, price action will be used for optimal entry. Targets are around 170-180 pips depending on the setup, can see price reaching 1.29300-1.29000 region midterm.
This is my personal outlook for GBPUSD .
GBP overall is very bullish on the monthly, weekly and daily candles. On the daily, it will come back to retest previous broken trend-line before shooting up. Also expecting DXY to go even lower.
Price broke out of the Ascedning-Channel reversal structure and made a continuation Flat-strucutre outside of the reversal where I have placed a short entry to continue the downside momentum. Live updates and risk management will be found over on instagram @ConsciousTrading
TVC:DXY
One technical double top reinforced by the monthly fractal as resistance forged at 102.99 - The pattern requires validation below February lows (88.25) and it should target the 200% extension below (75.87), converging with the major 88% fib retracement level and the previous structure lows from 2011;
The inverted head and shoulders ( as a trend...
If the major resistance on the chart is met and broken then I believe the market could see a rise and further using the resistance as support. If the major resistance is not met then I believe that we could see the market go into consolidation with the trend saying within the two major resistances marked on the graph
