GBPUSD
Currently in an ascending channel on the daily. Price has just completed a descending wedge and rejected twice and is now forming lower lows. A possible indication of the breakout of the structure
4 hour
price has just tested the previous resistance twice and has rejected, possible for a third retest but very unlikely
1 hour
Price is currently forming a...
USDJPY
Ascending wedge on the daily/ weekly
followed by a impulsive move to the downside
resistance around the 0.318 fib level however price is forming lower lows on the 4 hour
1 hour
price is forming a flat flag indicating a further bearish indication. expect price to test the high of the flag/ previous resistance before a breakout to the downside
Hourly, testing the previous support level, rejected possible shorts
previously rejected off the 0.5 fib level and the resistance. Price's intention is to test the support
target is the 4 hour resistance level
Price has broken previous structure and is now retesting the retest indicating further bearish pressure
price is reacting to the previous rising wedge pattern. caution with swing trading this as NONfarm payroll is coming out next week
EURUSD
Expect dollar weakness this year as we are starting to enter the beginning stages of the recession in my opinion. The falling wedge on the monthly has just started to play out
Daily has formed a very hard to recognise the rectangle pattern, as indicated by the rejections on the support and resistance on the same side
Looking for price to retest twice on...
GBPUSD
Price is rejecting off the 0.618 fib level and the previous resistance and will proceed to test the last resistance and 0.5 fib levels before going for higher highs. Doller weakness due to Repo rates and pound strength due to the pending brexit deal. A no Brainer really.
This coincides with the falling wedge on the weekly timeframe/ monthly. It is nearing...
weekly fib rejection off the 0.382 indicating bullish action
daily price broke through the support however pilled by up indicating further bullish action - Thinking it wants to retest before going lower. possbile double top
descending channel on the 4 hour, looking for a retest at open and then bullish action
GB [JPY has rejected off the previous resistance it has gone lower to reject off the 0.786 on the daily indicating that it is a very weak trend to the upside. Therefore im predicting that the price will reach the last resistance before rejecting again(As it is testing the previous rejection) before reaching 139.91.
I have chosen this target as it is the 0.382 fib...
This one was a challange to figure out, I believe that the price has broken previous resistance and will now trend lower to retest the previous resistance which has become support before heading for higher highs
This is exactly the 0.236 line which if if it does reject then it will be a strong trend to the upside
the target for the coming weeks is the 0.5 fib...
Personally i am not a fan of trends with previous support/ resistance being far away. However, as the price is still trending upwards strongly, it indicates that price will continue moving upwards till resistance is hit and then reject
This is a great pair to trade this week,
it completely follows my thought process and plan. Price is rejecting at the top of the pattern and will go back to the support of the previous structure to retest the previous breakout before heading to higher highs. this lines up perfectly with the 0.618 line
Overall not a strong candidate for this weeks selection
There is a mix of opinions on if it should be shorted or long.
the rejection last week of the previous support indicates a move to the downside
first it will retest before going lower and enter the bottom of the flag pattern.
not much evidence to back this up
