DXY is in tighter ranges forcing a breakout or breakdown pretty much soon.
I'm anticipating a strong move up into known highs before moving back down. Might actually make another high, creating the illusion of double tops and then a stoprun up before moving down.
We'll see how this goes. Good luck!
Chart using ICT orderblocks. Would rather see DXY make a small retracement at 96.2 because it can then regain strength to make a higher high. Breaks are moments we need to closely monitor price action on a lower timeframe. Technically price should not trade into the orderblocks too far, since most of these barely have any wicks. In other words, we are going to...
EURGBP will be in small ranges for awhile. Bearish orderblocks constantly pushing price down. Larger timeframe perspective has however been bullish. Therefor trade this pair with caution. Good luck!
For downmove
Price took out the old pre-brexit high (23-06)
We're at a massive bearish orderblock (purple area)
Reached 61,8% retracement and almost had a 70.5% Optimal Trade Entry (ICT)
The above three points define the Turtle Soup (street smarts) making a downmove probable
however
For upmove
We also reached an old (smaller) post-brexit...
I'm curious to test my knowledge of orderblocks once more, it should not hurt to fail.
EURUSD has been bearish for a long time, this last move up was rather sharp.
The lower timeframe shows multiple stabs into the ICT bearish orderblock shown here.
Lower targets are medium term so, we're talking weeks from now.
We'll reach for liquidity underneath the swing...
If that next order block doesn't hold The Dollar looks likes it could be pushing for another leg up, reaching for liquidity just above 96.40 if it gets there. Could be looking at some divergence on the way up. Waiting for the Sell signal. Also, if you notice the times of all the arrows, do not think that is just coincidence do you? Institutional Order programs...
Looking to short the Aussie between the 15M -OB Equilibrium and the 1H -OB Equilibrium, which coincides with the 79% retracement of the move down yesterday, which was on the back of the Fed decision and comments by Stevens last night. Entry will be at 87.15, with a stop above previous swing high at 87.6. Looking to sweep the lows from last night, so profit target is 85.25.
Depending on where the daily candle closes today, we have the potential for a nice bullish Gartley pattern to form in the coming days. This is in agreement with institutional support levels shown by the orderblocks.
The Euro is sitting at key a key resistance level which it has bounced off of many times since the beginning of summer. There are two things right now that will decide where the market goes. The first is if the greenback can hold at the support line it has bounced off before. A holding of this level would suggest that the market still has confidence in the dollar....
