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Analysis done on the daily timeframe. If you zoom out, you can very clearly see a strong bullish trendline (bottom one). Price is currently very close to it. Over the past couple of weeks, price has been declining, creating lower lows and lower highs. This can be seen with the upper trendline. These two trendlines have created a wedge pattern, which suggests a breakthrough soon, and i believe the breakthrough will be to the upside. I've drawn out some key supply and demand (S&D) zones, as well as some key support and resistance (S&R) levels. I may enter a buy should price come down lower, but confirmation for my bullish bias would be once price comfortably breaks through the upper trendline.
Updates to follow, follow me to see them.
Analysis done on the daily timeframe. If you zoom out, you can very clearly see a strong bullish trendline (bottom one). Price is currently very close to it. Over the past couple of weeks, price has been declining, creating lower lows and lower highs. This can be seen with the upper trendline. These two trendlines have created a wedge pattern, which suggests a breakthrough soon, and i believe the breakthrough will be to the upside. I've drawn out some key supply and demand (S&D) zones, as well as some key support and resistance (S&R) levels. I may enter a buy should price come down lower, but confirmation for my bullish bias would be once price comfortably breaks through the upper trendline.
Updates to follow, follow me to see them.
Trade active:
Price has broken through the structure towards the middle pink zone. I had some buys open which i took profit on, but i'll be looking to re-enter once the market re-opens.
Comment:
Price looks like it may be coming down to the bottom trendline again. Fundamentals are being released later today so keep an eye out. If they're bearish for the USD then GU will go up.