Strong Resistance present in this area. we may break to the upside if the US Economy proves to still be weak. US GDP comes out this week, with a weak forecast outlook. Perhaps this could be the driving force to push us to the upside.
Price action has made a parabolic move to the upside at falling to the support line found back on the 9th March. Could we see the same bounce from that area? Areas like these could prove pivotal for reversals.
With the somewhat come up of the DXY, we could expect the GBP/USD pair to take a short here based on the double top seen, to be more specific a Wammie formation. Where the second touch of the double top is lower than the first, the idea behind this is that sentiment is changing, price is failing, for now, to push higher with the pressure of the bears.
We can see an ascending triangle has formed. We could see a breakout to the upside, potentially based on whether the US dollar resumes on its poor performance. Only time will tell. Gold too seems too in an indirect or direct correlation with the gold currently.
Asia Session proved useless once again unless grabbed towards the end of it, prior to the London opening shortly. DXY strengthing pushed the currency upwards temporarily and fell back into order within the structure as a result of the DXY then meeting resistance.
They've aligned, observe the dates rectified with a dashed line, and the one on the DXY image attached. The DXY was met with strong daily resistance at the 4 AM UK Time, During the Asia and other relatively low liquidity sessions (Such as Asia & Sydney). Previous to that there was an impulse of this pair to the upside during the Asia session with the DXY bouncing...
Following the trend, we may see a continuation to the downside after having touched the .236 fib line. We have support for now at a key area on the hourly chart, marked in red with a horizontal line on the chart at 106.941.
Price identified on the higher time frames indicates a price action movement towards the downside. We have now hit a supply zone and consolidation can now be observed, the market has been slow, possible causation of perhaps a Friday market. The DXY may see a short-lived upside movement towards the 4hr trend line, provided there is no high impact news that would...