Placing a long trade here for the day, will close before 22:00 BST today to avoid slippage on the weekend.
NFP results are today so trying to stay clear of USD
Not many technicals really line up on the 1HR for a long or short, however, the candles indicate uncertainty and the price history indicated it may long within the support/resistance.
4HR indicate the...
Looks like the price may be reversing after a sell-off
Stochastic oscillator is suggesting the market is oversold
MACD & signal line crossing to indicating a price reversal
Histogram on MACD is showing buying volume coming into the market
Price is currently sat a support line
4hour chart indicated the same as the above
Be patient, and keep eyes on this indicator. IF (and only if) price comes to selling zone, then it is also at an important resistance level , it seems in a good short setup. Remember that price action is important to conform reversal ( double top , shooting star , evening star ....), and watch the RSI divergence carefully.
If the pattern is violated, then setup is...
Be patient, and keep eyes on this pair. IF price comes to selling zone, then it is also at an important resistance level , it seems in a good short setup. Remember that price action is important to conform reversal ( double top , shooting star , evening star ....)
GBPZAR has this upwards trend line on the 1H and 4H. it also has a level at the top where price has tested many times and failed to break above.It only seems logical that from this point of touching the trend line that price will test those highs once again. A nice R:R, with a strong chance, that those highs will be tested again
Pound strengthening, breaking the 0.382% retrace. An hour left in the monthly candle but it's finishing strong which usually indicates a continuation into the next month. Target 0.500%.
(...just in time for booking a driving and safari holiday!)
Possible long, could reject support and push up to 18.71 which is a neckline, that would confirm a long up to 19.59 although it could bull up to 19.79 at the 0.618 trend based fib extension point, further it could break up to 0.786 based on the long term uptrend it's following. It's an exotic pair so a long term hold would be costly on swap fees. It may form a...