Well if you've been following my daily trading blog then you know that I've been on a pretty good streak as of late. Funny how that goes hand in hand with me NOT posting to Tradingview for a week. of course that means that I've probably jinxed this trading opportunity..oh well too late now.
Similar to the AUDUSD, GBPUSD, NZDUSD & Silver trades that we've been looking at this week, price is at a point where it is retesting a previous level of structure support. Although we've had a bullish rotation here on the hourly, this is the first real test of the lows of our previous sideways channel.
Seeing how we traded in that channel for a good period of time I would anticipate some selling pressure at that level both from new sellers entering the markets and bulls taking profits.
Hard to see on this chart because it's zoomed out, but we also have the same type of price action leading up into the zone as we did with the GBPUSD meaning the high momentum move followed by the fading rising wedge.
Similar to the AUDUSD, GBPUSD, NZDUSD & Silver trades that we've been looking at this week, price is at a point where it is retesting a previous level of structure support. Although we've had a bullish rotation here on the hourly, this is the first real test of the lows of our previous sideways channel.
Seeing how we traded in that channel for a good period of time I would anticipate some selling pressure at that level both from new sellers entering the markets and bulls taking profits.
Hard to see on this chart because it's zoomed out, but we also have the same type of price action leading up into the zone as we did with the GBPUSD meaning the high momentum move followed by the fading rising wedge.
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