-On higher timeframes we are in correction of uptrend
which has a descending channel as correction pattern
-Descending channel inside descending channel also
on intraday timeframes (both inside high TF channel)
-So we have strong timeframe confluence here with
very good probability of price going up at least to
beginning of correction
-Two possible positions...
OANDA:GBPUSD
GBPUSD broke support on the 1H. It is currently making a possible retest around the 50%-61.8% fib retracement level.
A bearish reversal candle will give us a confirmation for a sell setup on GBPUSD.
OANDA:AUDUSD
Expecting a bearish movement on AUDUSD with price breaking structure on the 1H. On the DAILY and WEEKLY timeframes a long wick(shooting star candlestick) formed on a major/key level of resistance. Price also broke support and is making a retest
Reasons for bullish bias:
-Very strong timeframe confluence
-Bullish trend on daily timeframe
-Bullish trend on hourly timeframe
-Break of 1H & 15min local downtrend
-Bullish price action on 1H & 15min timeframe
-Rejection from below at daily key level area
Confirmations to look for:
-Break & retest of local downtrend on 1min timeframe
-Higher low & higher high...
