learntotrade

-Expanding Wedge formed on weekly chart -double bottom formed on support trend line on the daily chart; showing momentum to the downside has decreased. -4H chart; 3 tests of support identify a consolidation. Also shows signs of bullish divergence. Looking to go long..

BREAK OF TREND RESISTANCE 3rd impulse down stops bearish momentum at support, looking to buy now

RE-test of daily trend line

Retracement to 61.8 Re-test of trend line Long candle wick, bulls pushing up

I assume GBPUSD can either start to rise due to testing the daily support trend line as well as forming a doji on the 1H chart. If a bullish Harami or bullish engulfing bar forms on the 4H we'll be looking to go long. OR.. Due to the sellers momentum it could continue to break through and reach my monthly support at 1.23800.

38.2 retracement on daily. break of trend line support on 1H. Momentum decrease towards resistance on 4H.

wait for second shoulder to form and enter on break of inverted Head and shoulders neckline

tests of daily trend resistance as well as bearish divergence

Price tested daily Resistance

I still believe, we're looking for a break of daily trend resistance, but for the time being, going short to form 2nd potential inverted H&S for around 40 pips.

-test of 200 EMA and 4H trend support.

I believe AUDUSD has also created an inverted head and shoulders, so we should be looking for an available pullback on the lower timeframe.

AUDUSD & GOLD have a positive correlation, because Australia is the 3rd biggest Gold producer, so I believe as the price of Gold increases, so will AUD and from technical stand point we're looking for a a re-test of daily trend resistance and continuation of the up trend over the course of the week.

Price retested a couple days ago, so we'd be looking to sell to around 1.22525.

-Test of resistance on 4H.

I assume, we'd be looking to go long on USDCHF now after the C corrective wave. Furthermore, this could be an opportunity for price to create an inverted head and shoulders and potentially push the market past the daily resistance trend line. That also tells me, the price of Gold may weaken temporarily as both pairs tend to move in the opposite direction to each other.

retest of head and shoulders neckline

Break of trend resistance coming up