#USOil - price is approaching the weekly bullish trendline as well as the 47 mark which could indicate a reversal in price. If price breaks above the 47.71 line, we could be looking at a strong bullish move.
AUD/NZD approaching a major supply level, if it manages to hit this zone we could potentially see a big bullish rejection.
Here we can see price has reacted to the 61.8 fib line. This in conjuction with the head and shoulders chart pattern indicated there may be a strong move bearish move down towards the 1217 region
#GBPUSD - After a long period of consilidation from october to late march, price has finally broken out with bullish strength. Price has also broken the daily support at 1.28503, which means it could retest and shoots upwards or bounce off the 38.2 fib line and move upwards.
Overall bullish strength indicates long trades are in favour, price is slowing up around the 38.2 fib line which is in accordance with the bullish trendline. If price breaks the weekly resistance at 100.47, we could see a strong move up to the 103.7 area and even higher.
If we see a bounce off the 38.1 fib line, it will be an indication that there could be a strong bullish move towards the supply zone. The 38.2 fib line is also coupled with the weekly resistance and the monthly bullish strength.
The monthly bearish strength on this chart indicates that shorts are in favour. It can be seen that price has rejected the 61.8 fib level which is a great set up for a typical ABCD chart pattern.
#GBP/USD - Here we can see price approaching the supply zone (red box). Usually this would mean a strong selling opportunity since it hasnt been previously breached in this chart. The reason a trader may be hesitant to sell is because if it does drop, it is more than likely to react to the closest support level which is at A. If i have placed my stop loss at B to...
Here we can see price how the candlesticks are changing as price approaches the bullish trendline. These spinning top formations indicate buyers are moving into the market. Some traders may wait until price fully touches the trendline or the 71% retracement in order to take the trade but we can see that this area is also acting as a resistance (even though it has...
In this chart, price has touched a bullish trend line as well as touching the 61% retracement from B to A. This indicates price could be about to continue in the bullish direction and finish off around the supply zone indicated in red.
Usually in a demand zone like this i would put in a buy trade but because of the strength of this bearish marubozu candle im going to wait and see how the market plays out. Ideally, i wouldve been looking for market consolidation in the form of doji or spinning top candles which would indicate that buyers are starting to come into the markets.
Overall trend is bearish in the higher timeframes which insinuates there is a lot of selling power. Price has already broken through 111.623 level which was acting as support and retraced back up to this level which also happens to be 50% from the previous swing high at A. Therefore there is a high possibility of us seeing price reject the 111.623 level and...