Due to the Nonfarm Payrolls report last Friday, Cable has been on a bearish run for the past few days as USD gains ground. Looking at the 1 hour chart, we see that Cable is currently testing the prior low from the NFP bearish run; judging from how a strong hammer pattern formed at the low of 1.24810, it is extremely unlikely that this support level would be...
Looking at the 4 hour chart, we clearly see an inverse head and shoulders pattern forming, signalling a reversal from the previous downtrend. This is further supported by the fact that the second "shoulder" is supported by the 50 SMA; and the 50 SMA line has been broken by the 20 SMA line as well. All in all, this signals a good long opportunity for a healthy 1:2...
Looking at the 4 hour chart, the RSI indicates that the currency is highly overbought at a value of about 80. The 1.1386 level is also a resistance level that was previously tried, especially on the 1 hour chart. Coupled with the fact that the MACD has crossed over on the 1 hour chart, and applying a LOHP strategy we see that the two closes below the high is an...
Looking at the RSI indicator for both 1 hour and 4 hour charts, we see that the GBPUSD currency pair is extremely oversold. Not only that, on the 4 hour chart, the closing price is way beneath the Bollinger Bands as well; and on the 15 minute chart the MACD indicator has crossed over as well signalling a change in trend, which is also supported by an inverted...
Looking at an uptrend up to the resistance level of around 0.7, it is seen that the resistance level was tried with a shooting star candle but the level failed to break. Coupled with the fact that the volatility due to the nonfarm payrolls should have subsided, I am counting on a reversal back to the mean with the bollinger bands also. Hopefully the downtrend will...
