Well, we have a bearish shark setup on the 1-hourly chart, will you short from a strong UK Pound movement? I will? What I needed is a pullback that is sufficient for me to shift my stop-loss to entry. Nevertheless, the Reward: Risk is acceptable.
As you can see from the chart, GBPNZD has broken below a daily support zone impulsively. Price is expected to retest this level that lined up with mean value + 50% Fib as resistance in wave "b". Once the corrective wave b is completed, it will give us the chance to go short in wave "c" of (y) of B.
The correction might extend higher but must not trade above the...
Hi Traders!
Happy New Year to you all!
GBPUSD is correcting the major rally that started in September 2019. The impulsive move is labelled (i)-(v) in wave A. The correction which seems to be unfolding as a Zigzag in wave B is yet to be completed. I'm looking for price to move higher in the shorter cycle to complete wave (b) of C around 78.6% Fib, then look for a...
Following up on the weekly analysis I posted earlier, GBPNZD has broken the daily corrective structure channel, and it's retesting it.
The break out is an impulsive move followed by a corrective structure that seems to be unfolding as a zigzag. The correction in wave (ii) of C has retraced 61.8 - 78.6% of wave (i), and it's within a deep Fibonacci extension zone...
In the GBPNZD weekly chart above, GBPNZD sell-off impulsively from its August 2015 high.
The decline is in five-wave and labeled as 1-2-3-4-5 in wave (A). Sub-wave of wave 1 of (A) is also visible.
Since GBPNZD bottomed in November 2017, it has been in a corrective wave, which is expected according to Elliot Wave Principle. A three-wave correction follows every...
Prime Minister Boris Johnson won a big victory at yesterday’s general elections with an estimated 360 seats versus the 326 needed for a majority. As result British Pound traded broadly higher, with six out of the seven GBP pairs rallying over 2% in just of a minutes. GBP/JPY was the biggest gainer of course, also because weaker yen, due to talk of a phase 1 trade...
After a lot of whipsawing price action on EURCAD, and AUDCAD, I could now see the kind of price pattern in the making.
When there is a range-bound or contracting price action, it usually tends to be a Triangle. I'm able to label the price action on EURCAD.
And if the count is correct, price should resume higher from or near the current market price and the...
Ever seen such a big tea party? Life is all above imagination . Canada’s economic data point to the need for monetary stimulus. Analysts believe that BOC Governor Poloz may finally hint about easing today when he gives a speech in Toronto. The pound has been on a roll as the possibility of a no-deal Brexit becomes more unlikely. Labour leader Jeremy Corbyn is set...
In today’s #marketinsights video recording, I talk about #GBPUSD and #EURUSD #FXMajors
#Pound surged higher yesterday following headlines that Nigel Farage, Brexit Party's leader, will not contest Conservative seats ahead of the Dec 12 elections! On the economic front, the UK was marginally away from a recession, the latest GDP figures showed. With #employment...
In today's #marketinsights video recording I analyse #GBPJPY and #EURGBP #FXMinors!
GBPJPY Supported by:
- Increasing expectations EC will grant January extension
- BoJo win in case of early election
- Weak safe-haven flows
- Japan manufacturing to 3yr low
EURGBP Under Pressure as:
- Investors eye ECB and last Draghi meeting
- Disappointing Business Climate...
Took a short on GBPJPY at 178.40 after price hit the 200 day MA and the 38.2% fib. We also hit our 4HR trend line. Price reacted nicely & bounced down to close the day with a shooting star, another bearish sign.
This trade fits with my fundamental outlook on GBP which should remain under pressure in the near term with Labour now leading most polls over Cameron,...
