Falling wedge patterned formed with confirmation of a reversal.
Manufacturing Production news coming out at 0700 hours on the 14th of July which is projected to have high impact on GBP pairs.
Expecting a bullish push within the next 24 hours.
From a monthly PoV, pair has retraced to around the 61.8% fib level, which lines up with previous market structure (i.e resistance). If this level will hold as support, then it could be the point where retracement end.
Target is gotten from the weekly chart at the previous weekly support; further conflunce for target is that it lines up with the 38.2% fib level...
GU Has been forming a falling wedge since the 12th December 2019 and price is now retesting the bottom of the trend line which has been tested and rejected multiple times. On the daily time frame, the pair has been in a corrective phase for numerous months now and could now potentially break out of the falling wedge and continue impulsing to the up...
Since the start of September Gold has been in a descending wedge, but since the start of december it has also been in a ascending triangle, I see Gold going in one of a few ways:
1. Short to and breaking below the triangle and a possible return to the base of the wedge, probably around 1420. (dont want to think about this)
2. Short to and bouceing off the base of...
4Hr chart shows clear wedge and believed to show a break of the wedge with fast impulse movement when breaking the wedge .
Looks closely at the chart and watch when it hits the support or resistance as it will become impulsive .
Use buy stop and sell stop
Good Entry for a little swing
Biot tripple bottomed and tripple bullish divergence on the RSI.
Trading inside a descending wedge for the last couple of weeks that signals that price action sending the price north is due .
Possible shorting opportunity the break of the wedge..
I am already short from somewhere near the top..
if there is a break of the wedge then i may open another position with a tighter stop loss
AUD seems real weak right now and YEN is booming.. at least up until the rate decision ON THE 31ST OCTOBER!!!
any questions feel free to ask
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The shares have risen impressively over the past couple of years and following a period of consolidation that trend looks set to continue.
We have seen the shares break higher from an ending wedge formation...
So on the H4 time frame i can see a breakout of a longterm wedge pattern that was being formed. Now there are two key liquidity zones to be mindful of where we have had good price reactions from the 1.33000 and the 1.34000 handle Slightly higher you can also see the 1.34500 handle, now if we continue to press higher to here we could find our self a double top at a...