GBP has broken support at the Weekly Pivot Point and proceeded to a 127.2% extension.
I'm looking for a pullback into previous support turned resistance to short down to the Weekly S1 at 1.29000
Here is a better pic without indicators:
EURUSD is flirting with the top of the "no-fly zone" and has put in a top just shy of the Monthly M4, the predicted high for the month.
Price rejected the 1.15800 level, or 20 pips shy of the 1.16000 even handle which isn't a surprise, and has subsequently retraced back down to previous minor S&R together with dynamic support found in the 1HR...
Last week EURJPY made a strong bearish rejection from a confluence of pivot points; both Weekly and Monthly R1's.
The 4hr Stochastic went oversold and is now trending down
The 4hr MACD is down
The 4hr RSI is trending down
The 1hr Stochastic is currently overbought
The 1hr MACD is down
The 1hr RSI is trending down
I am looking for a move up to the 129.500 area,...
GBPUSD has been making higher highs and higher lows since January this year. The high made on Friday 14th July is the highest this pair has been since September 2016.
Price is trending above the 4 Hourly 21, 55 and 200 EMA's.
Price bounced on the Weekly S1 at a 50% retracement, just above the Monthly M2 Pivot point on Wednesday 12th July. Pivot point theory...
I don't usually trade Elliott Wave but this setup jumped off the chart and slapped me in the face while looking for reasons to go long GBPUSD.
15th August saw the beginning of the 1st wave with a double bottom at post-Brexit lows.
To kick off leg 2, on Thursday 1st Septmeber UK PMI Manufacturing came out at 53.3, above the projected 49 and far exceeding July's...