1.80551 area is acting as historically strong resistance and price is respecting a bearish trendline, At the moment price is touching both our trendline and resistance level so this is a strong sell, providing there is no market gap at open tonight.
If a market gap to the upside happens we will stay out of this trade and see how the market plays out tomorrow as...
Poor AUD data overnight with building approvals dropping 8.4% for the month of Dec vs expectations of +2% took AUD down overnight leading to a 40pip bounce in GBPAUD. The pair is in process of forming head and shoulders with the spike on poor data failing to breach the neck line at 1.8100 area. This is now the third day in a row to fail to break above 1.81 and...
As you can see, price has tested 1.84000 multiple times over the past couple of days. We are currently in a consolidation period, with Brexit news incoming the market seems to be preparing for the outcome of those results.
If we can see a clear 4h rejection of 1.8400 we would be looking for some downside for this pair. 1.8400 is also lining up nicely with our...
As you can see from the chart that this pairing really respects support and resistance lines ( the big players, banks probably love this pairing )
Price is now coming up to a well respected resistance area where we are expecting price to bounce so we can collect a few pips.
We will not be manually entering this trade but placing an order as if the trade breaks...
After being trapped for over a month between 1.8000 and 1.7750 is GBPAUD ready to drop to new lows?
Well last week we witnessed the pound in the spotlight with wage growth slowing, inflation missing expectations and retail sales surprisingly worse than expected.
The week prior to that we had sudden resignations from David Davis and Boris Johnson, some high...
I have been waiting for this opportunity since yesterday morning. A pullback to the 50% fib level was achieved along with a perfect shooting star and trend line rejection on the 2hr. I will be taking this down to retest structure at 1.78500 support area with a nice R:R
as you can see this idea is pretty simple. I'm looking at this pattern because its completion point comes right around a very important level of structure (in this case resistance) and it will give me a nice RR opportunity.
If you have any idea/question, feel free to comment below.
Otherwise, see you in the next chart!
Cross closed the bullish channel, has also reached a price close to an important resistance, looking at the cci14 we find a divergence and in any case the indicator gives us information of overbought. Now a short entry is desirable, first looking for a retracement up to 1,794 and then evaluating the start of a short trend or a new rebound upwards
Price is at weekly resistance, possibly forming a weekly doji means strong rejection.
4hr consolidation structure is broken and currently retesting.
I am in the sell from 7510.
Beware its a long term trade.
Short selling on previous resistance level and black dotted trendline, long term trend is to the downside displayed by the red trendline, for short term the stop loss is 1.7126 and take profit is 1.6202
GBPAUD I have increased the target for this pullback to accommodate the EURAUD which is about 100 pips short of its projected turning point, that kind of cross market analysis between correlated pairs helps with timing of entry points. The Red line is the 50% line for the move being corrected which can serve as some resistance. At the moment this trade looks...
Expecting a small retracement on open before continuing onto the current downtrend.
Also mindful of a a gap on the market open, will dictate possible entry, but my bias for this pair is short, targeting support level 1.67000 in extension. First target 1.70812