Could we see a slight pullback before a significant downside move? Dollar is in a bad place right now, it may be getting stripped of its safe-haven currency title. I would like to see a retracement and a sell confirmation before entering this trade.
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In this chart we can see that the AUDUSD is in a key area sitting directly below weekly resistance (check the weekly chart for more clarity on this). Judging by the move made on the DXY last week, we can see that the weekly candle on the DXY closed level in line with a support area. Because of this, I believe that we may see a temporary relief in the sell off of...
DXY H4 - I would expect us to push to the trendline resistance zone at least. We may pullback to 98.85 before another bounce, like we saw on the 20th and 21st May.
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EURUSD H4 - Nice initial drop from resistance as marked up yesterday, DXY seeing a bit of a bounce from that 98.85 support zone, wonder how far this correction may extend... Full rundown to be posted just after London open.
I'm Bearish on EURUSD due to retracement completion with respect of the previous high not being broke.
Market has stayed below the 200 EMA on the daily.
Bearish Engulfing candle on the 8hr and 4hr.
Below both 50 and 200 EMA on the one hour.
DXY is also bullish supporting a strong dollar and has a strong negative correlation with EURUSD.
First target around 0%...
I'm Bearish on GBPUSD due to retracement completion with respect confluences of the 50 EMA on the 4hr & 8hr as resistance.
1hr bearish engulfing candle after resisting 200 EMA.
DXY is also bullish supporting a strong dollar and Pound has had weak news which is beyond bad.
More pips more tricks.
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GBPUSD keeping an eye on this, flipped my bias and am now looking for long positions. Holding well just above 1.22000 and has formed a nice descending consolidation having broken from the previous downtrend. Something like this would nice, alternatively we may fall and create a mini double bottom which I will be interested in as well.
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Looking at this SHORT setup here.
Seeing price have its final 3rd squeeze tapping in and above the 1.100 weekly level.
Seeing Price reject quite fast here on the 1H TF and 4H TF coming back below that resistance highlighted.
First target would be the support area in grey at the bottom and if we break further downside potential.
USDJPY Short - we are now coming to the end of our long position on UJ so manage that accordingly.
Now a lovely short position cannot be ruled out. 108.000 has been a key level for this pair on the daily timeframe, acting as strong S&R. We currently have a 3 touch rising wedge complete, along with a double top right at the key level, price action stalling and we...
US30 Short, I don't want to rush into this as it's Monday morning, however I am liking a short position from the 78.6% Fib, this level lines up with a 3 touch of the descending TL and retest of previous dynamic support.
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