IzharZainurin

IzharZainurin Updated 

EU has been consolidating for some time, I've marked up a distribution scheme as seen on the chart. Waiting for more confirmation before getting in a buy. Elliot wave, we're on number 5 right now, waiting for the ABC correction would be wish too. Looking out for bullish divergence and a lower timeframe accumulation from the point of interest marked which is a 4H...

IzharZainurin Updated 

Fundamentally, GBP overall is still stronger than USD even after the Q2 GBP GDP data release. Weekly GU chart we can see a type of Wyckoff Accumulation with the spring bringing us to where we are right now (1.30000 region). However, in order for GU to keep rising, it will need to create some sort of pullback and that could be another validation to the accumulation...

IzharZainurin

Fundamentally, EUR is taking some heaving beating (-12.1 vs -1.6% GDP QoQ) which makes EN bearish. EURNZD seems to be on phase D of monthly Wyckoff Accumulation Schematic showing temporary Signs of Strengths(SOS) which then dropped significantly which I believe is due to the bond-buying scheme on EUR (March - April). Successful accumulation will bring us higher...

IzharZainurin

Fundamentally, AUD is way stronger than GBP especially after the Q2 GBP GDP data release and the way gold has been skyrocketing (Gold is one of Australia's main export). This tells us that overall GBPAUD is bearish. In terms of technical, following the huge drop that clearly correlates the price of gold (XAUUSD), I am expecting a pullback before the continuation...