Explanation on chart. We have a reversed H&S pattern. Broke the neck line.
This post is a bit hypothetical and completely out of character for me, because I usually trade after I've received complete and total indication that moves are going to play out in my favor, but I've seen this pattern play out so many times that it seems silly not to at least make you guys aware of a possible way this pair could develop. I see an uptrend forming...
Bearish trend movement for the past few days after price rejection at 50% Fibo lines. Range movement occured at top trend line creating new resistance line. "Higher highs trend" seems to have ended causing price to fall to the bottom trendline. Im expecting a BOUNCE or RETRACE before breakout below. :)
Zoomed in view of a potential break & retest of the down trendline as mentioned before. There's signs of a reversal in play here but I wouldn't be surprised if it's either a trap or a struggle. My key levels are shown on the chart, use any of this in conjunction with your own analysis.
We saw a nice clean break of the long term down trendline last week, with an evening star/doji reversal formation on the daily at key resistance. If we look at the bigger picture there's signs of a recovery of the AUD across some of the major pairs. I'll zoom in to the most recent price action around the trendline as mentioned above to share my thoughts.
The price is showing a long opportunities, on a 1H chart, and 1D chart, however the conflict remains on 4H, The price is slightly below B point on a possible 1D Gartley, but due to a probability factor, the price is still in a "continuation North Area". For details please research a chart, but for a long entry our compass is yesterday's pivots, SL's below the...
GBPUSD is breaking above upper 1st standard deviation from weekly (120-hour) mean amid expanding volatility (measured by 3.2 standard deviation from the mean) Probability of further upmove is apparent. Traders can pick longs close to the upper 1st standard deviations (1.5690) and stops at weekly mean (1.5645)