At the beginning of the downtrend, we can see that the trending environment is weak as waves 1-2 are quite long, which signifies larger retracements. However, looking at wave 3-4, we can see that it is short, which suggests a stronger trending environment. Thus, we can assume that there is stronger selling pressure as the market continue downwards.
price currently on neckline, breaking out of this area i doubt will be straight forward , 1 of two things , price will retrace back to resistance showed on chart and break downwards (where the first sell might take place) , if price breaks neckline immediately, initiate sell , smart stops should be placed , a bit above neckline so you don't get stopped out...
Price is still under the 200 EMA on Daily.
Completion of harmonic pattern would suggest price to now go short.
Price is in an overbought area on the RSI.
Expecting price to test the resistance trend line before continuing its downward trend.
Head & Shoulders on DAILY.
Price still has potential to go bullish to test the zone. If price tests zone, will wait for confirmation on a lower time frame before going short. Or will enter short after a confirmed breakout.
more delays for brexit should see big gap down and a return to retest previous lows.
if deal is agreed then we should see gap up and continued strength in the pound.
honestly, i have stopped day trading the pound, it is very volatile and now looking for longer term positions.
As a young person in the UK i feel my views have been forgotten about. To anyone over the...
Momentum is slowing down on AUDUSD as well.
After a strong bullish impulse, we see that the market is trading within a narrow rising channel .
In case of bearish breakout we can short the pair.
Target levels will be
Stop will be above the highest point of the channel.
A NO DEAL BREXIT IS COMING
- 'they' don't want a deal, UK international
banking assets jump 10-20% on a devaluation.
- Thats a revaluation of £100bn-£200bn
onto UK banks books.
- Then all the short seller positions
Then banking deregulation
- We even avoid the EU tax cutdown law in Jan 2020
- Borish Johnson reiterates UK is leaving the EU on 31st...
This is my update for DXY.
Dollar index has recently broken below the support line of a rising wedge.
It is a very strong signal which determines a bearish sentiment.
We can expect a rally to 97.5 level and my midterm projection is bearish.
For EURUSD I'm looking for selling opportunities as all timeframes show bearish signals. Looking for a reversal on daily supply zone and wait for a bearish candle to enter the market. Profit target can be set on fib level -0.278%. Let's see what happens at the end of the week.