the chart remains simple and tidy, however, there are many different tools to indicate and support our directional bias, in this case, GBP/USD has shown extensive pressure towards the downside, however, the price was unable to penetrate the dynamic area of support 1.26000. Based on previous price action this area showed a lot of liquidity hence why became an area...
Interesting structure- if GBP/JPY can break the horizontal green line then we could potential see price retrace back to 50% level on fib which also corresponds with a significant level of structure, if price breaks below this level we could watch out for the 61.8% level and look to exit the trade here or be on alert.
Staggeringly high uptrend in XAU/EUR in which the price may need to let off some steam and thus lose some gains, based on fib and structure TP indicts levels in which the price should be watch/positions closed.
The long position in GBP/CAD has been taken to test correlation with the UKOIL trade place earlier. Analysis on this is currently being kept to myself until the trade is closed, whether TP or SL is hit.
On the aud/jpy short set up, I see a potential bearish reversal.
Price seems to be in contact with the resistance zone several times so I'm going to go ahead and suggest price will be driven lower hopefully towards the newly formed lower low.
Fib shows 0.382/0.618 retracement depending if you've used the lower low body or wick. Delving into the lower...
We have a corrective pattern forming this looks to be a contracting flat however cannot confirm this as of yet so will watch closely for confirmation, with this is mind will be looking for the third wave down to complete a 3 wave pattern using the 1hr 270 fib as a target profit at a price of 126.819..
Potential sell opportunity this week, has completed a 5 wave corrective pattern with divergence, will be looking for the next 1hr impulse down with the 270 as target profit. This would give us a complete 3 wave pattern in the 1hr.
I'm just learning TA, so I post these more to see how my ideas play out than inform anybody else's thinking. Please tell me if this sounds like a load of misinformed BS.
Looking for the next leg up to land in the €560-€570 range.
It all seems to currently be coming back to that magic number of 1.618 - the One line of this fib retrace is drawn from the support...
Currently rallying up, this is evident because the pair is making higher highs and lows as you can see.
If previous swing low is violated and price closes below it then I believe USDCAD will fall.
However my current bias is bullish and I'm expecting another push/leg to the upside with targets at previous swing high 1.3100 and also long term at 1.34000...