Will be interesting to see if GBPCAD will retrace from current levels and respect the weekly resistance area which it is in now. Keeping a close eye this week ahead for possible downside.
The Sterling has shed 15% against the Yen the past month due to the pandemic and flight to safe haven assets. We have seen a leg up of recovery for the sterling entering the 50% retracement area of this huge 2000 pip drop, but could it just be a fake recovery for reload sellers? I am watching this area price has entered now very closely to look for any indication...
Looking for price to breakout of this formation and then we could see price potentially attempt to fil the previous high wicks. A break and retest would be nice to provide higher probability entries.
Are we going to see a strong recovery on the board or just pullbacks and profit taking for more sells to enter the market? what's your opinion? have we already bottomed out?
Price is pulling back to retest structure while also lining up with key fib levels. From this area we could see some sell orders enter the market and continue to push price lower.
Price is at a key resistance on the weekly while also lining up to a key fib level. looking for some downside from this area.
Caught this before a nice +60 pips move to the upside. Price rejected support and the overall bullish direction could gain momentum from this area to retest previous highs.
USDCAD Finally starting to play ball. Simple break and retest of structure. Trading structure is key!
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Looking at a potential inverted head and shoulders pattern if we create an equal high and see a retracement which also lines up with key fib levels.
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Please feel free to comment, like and follow. Thank you
Please feel free to comment, like and follow. Thank you
Please feel free to comment, like and follow. Thank you
15m chart, multiple time frame analysis is important - Top down. Previous resistance now turning to support. very volatile so slightly riskier. Targets set at last nights high as dont have too much data to work with
I've set this pending order in my support zone which i expect to turn to resistance and therefor reject price from the area. If we see downside and create a Lower low this will confirm that we are in a downtrend. My targets are inline with the 61.8 fib level from swing low to swing high formed in September. Target will be to aim for yearly lows with a trailing stop/
EURJPY 4HR Analysis. Since price was unable to break through the key 120.000 area I've been looking to go long on this pair. Many confluences on this pair including respecting key structure levels, bouncing from moving averages and respecting longer term ascending trendlines. Goes perfectly in line with my DXY analysis and my Dollar bias
4HR Analysis on GBPUSD. We've seen a 61.8 fib retracement followed by some upside now we have pulled back for a retest of recent structure that was broken and expecting another leg to the upside to test yearly highs. I expect we will look to widen TP target if price goes our way. We have other Sterling trades all running risk free so i'm happy to add to our exposure.