The internal structure between the major swings is bullish. The previous low just formed a double bottom thus increasing the possibilities of one more push up into the supply zone before going short. Let's see how it goes. Just my opinion, not financial advice.
Price has shown weakness around the demand area. Now, looking for shorts to the previous lows. RR: 1:3 - Its about 47 pips down
Looking for a pullback to the 0.618 fib retracement level and then continue with the downward trend. If that fails, then there is a possible 2nd entry around the H4 Order Block
GBPUSD has been a downward spiral for some time now, and I expect the bearish behaviour to continue. I have identified a bearish flag on H4, which signals more downward movement expected. Now the waiting game begins...
I haven't shared in a while... Big Head and Shoulders pattern followed by an impulsive break of that neckline and resulting in a nice correction to retest that neckline. Classic bearish flag pattern. Disclaimer: Please do not follow anyone blindly, not even me. This is only my opinion and not trading or financial advice
Bullish flags on H1 and H4 suggests a change in cycle in terms of trend. The pair has tested and rejected the 50% Fibonacci retracement level of the flag. We need to wait further confirmation, a break and close above 1.18358 - 1.18360 on the retest we can go long. If however the pair continues to retrace further down then we can look for longs around the 0.618...
All timeframes are pointing to the downside. On D1 I can see a short sell trade to monthly support(the orange shaded area), then we will revisit this analysis. For now though, I am biased to the downside. What do you think? Disclaimer: The views here are only my opinion and not in any way investment advice
The pair has been consolidating for a while and it looks like it is ready to move up. Currently it is approaching resistance and could correct downwards one more time to go get momentum from the supportive area before continuing upwards. The correction could possibly bounce off at around 1.21090 and continue up. Just my opinion...What do you think?
NZDJPY is currently retesting and rejecting weekly resistance area. On D1 the W formation formed has completed its retest of the Fibonacci golden zone, we can therefore wait for further confirmation for either another retest of daily resistance (and creating a triple top). Or, a full reversal to the downside for a retest of the monthly supportive Fibonacci...
Fundamentally, the DXY is struggling to push up further. The latest C.O.T report shows that for the DXY(USD), retail traders have closed the longs and added shorts hence my bias to the downside. Technically, I am waiting for the DXY to complete its correction upwards, then I will short it. If it plays out that is. We also have a potential Head and Shoulders...
Looking to short the pair based on technical analysis and the over extension of the market towards monthly resistance. I will wait for the break and close below of the previous resistance (the orange shaded area) before my sell bias can be confirmed. For now I will and see how the market reacts to my analysis. Just my opinion...
Waiting for the bullish momentum to shift from bullish to bearish so that we can look for potential selling opportunities. The EUR is fairly strong and the JPY weak so price could easily continue upward. Just my opinion...
Price has broken above the daily flag pattern, now we are juts waiting for the retest of the broken previous resistance...and then we continue to go long. Just my idea...
Just an update to my AUDUSD short bias. We can now see a triple top on H4 meaning, that price is ready to move down
XAUUSD has rejected two fibonacci levels according to my analysis on D1. It has rejected the 0.382 and 0.283 levels from that bearish impulse last week. For now, the bears look in control, but if the pair remains above that minor support (the orange shaded area), then it will prove to be strong support and it should go up for another retest of the 0.382 fibonacci...
AUD is near monthly resistance, we must wait for the break and or rejection from resistance so we can start shorting the pair. From a COT perspective, Non-Commercial traders have started closing their longs and started adding shorts. Today's report will give us a better perspective as to what to expect from next week.
Price showing loss in momentum as it approaches a key resistance area. COT report shows 6,639 shorts added to the GBP vs the 171 long positions. This data from the report also confirms my technical bias of shorting the pair this week. - Wait for the market to come to you, not the other way around
Waiting for the bullish momentum to slow down and turn bearish for a proper retest of previous lows. From there we will see what needs to happen as the market will paint a picture for us. Plan your trades and trade your plan