1.84344 area of STRONG resistance... how can people not trust such a strong level? must be drinking too much fluoride.
Anyway... we have marked on our chart with purple arrows where price has hit this resistance level and then bounced, historically once price has hit this level there have been aggressive sells ( price drops considerably ) This tells me that the big players have set orders at this level, so why don't we jump on and enjoy the money making ride :p
Price did break in October then came down to retest resistance as support, price then broke through our level and sank quicker than the Titanic.
Recently ( Friday ) price finally made it back up to this level and again failed to break out and close above, we had a fake out where price went above 1.84344 but the bears soon pushed it below just in time for market close.
Due to hoe strong this resistance level is and the long upper shadow on the previous daily candle we can only see further movement to the downside.
What about those GBPUSD bulls? GS said they're bullish for the whole year on the £, and Isn't AUDUSD at resistance? Didn't the RBA say they're thinking of cutting rates? Just adding some counterbalance maguy, but I like the look of that rejection tho lol
Apex_Gregg
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@Louissuguna, Correct, and you bring up some good points, but the 4h resistance looks too good to ignore for us, plus the upper shadow on the last candle tells us that bulls are exhausted and bears are taking over.
@Louissuguna, sure is mate, we mentioned this in 1 of our more recent posts 👌
Hope you are using our analysis and benefiting form it 😀
Apex_Gregg
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@Louissuguna, did you manage to get on this trade and profit from it? TP smashes 💪👌
wilsongalucho
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Yap definitely strong level and daily rejection
Apex_Gregg
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@wilsongalucho, Are you already in this trade, or will you be jumping in at market open?
wilsongalucho
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@Apex_Gregg, I'm not in this trade, as per my strategy I missed the entry. There's no rejection yet on the weekly so this needs to be taken as a pullback trade primarily and not a full reversal in my opinion. What do you think?
Apex_Gregg
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@wilsongalucho, Sorry I have only just seen your comment, we were short on this trade and it well and truly sank and reached our TP 👌