This pair has been making clear moves which could have been caught using simple trendlines, patterns and area of interest. We are now approaching the support of the descending wedge.
A typical descending wedge usually ends up with the price impulsing up aggressively. We may see that with this pair. See chart below for smaller timeframe.
Be sure to give a thumbs...
Price has been within a descending wedge since May 2020. Descending wedges usually break upwards. So what can we do?
We can either:
1) Wait for price to break the descending wedge and then find entry reasons for a BUY
2) Working within the parameters of the wedge and look for shorting opportunities
Zooming into the 1 hour chart. If trend line 'A' isn't taken out with a nice impulse candle asap I believe this could be the start of a descending triangle pattern. This may further develope into a descending channel which I have picked out with white trend lines. I believe 40K is very much on the cards. I have called this short. I'm happy to commit until I see...
here we have a nice descending and condensing structure. a quick look at the MACD shows us that this sell off looks to be tiring.
We have already seen a break of the larger structure, now we need to see that the smaller patterns bottom holds, and find a break of the upper structure to look for long opportunities. Smaller targets are potential for now and can...
Gold appears to be forming a descending triangle pattern as we look past end of September to mid-October. I'm a gold bull but this pattern has me cautious and so I am approaching the metal with 3 things in mind:
1. I will take a daily close below $1840 as a bearish sign with a downward target of $1767
2. A weekly close above $1860 towards US Election day would...
Both patterns are bullish, whichever you choose to interpret it as. Additionally, there is decreasing volume as it reaches its 200ma on the daily. Lloyds has been very well behaved when it comes to chart patterns over the past year.
MACD crossing down is a reason for concern though.
Good morning traders,
Looking at gold versus US dolllar here after the weekend news of Trump looking to escalate trade tensions with China, completely against what the business media had been suggesting last week of a deal being finalised this week. Fake news it appears! Needless to say markets were risk off and gold has spiked back up to resistance levels around...
This morning we have had the Swedish central bank come out and delay interest rate rises with market now pricing no rise until early 2020 (from mid 2019). This has had a secondary effect on the Norwegian Krona leading to a 700 pips drop versus the Euro. We are looking to capitalise on this move into extreme overbought territory and looking for...
In short, looks like bottom is in (white lines), bullish reversal from lower lows to higher lows (green lines), still stuck under descending trend-line (red line).
BTC still needs to make higher highs, a break above descending trend-line could lead to this.