A similar situation for the Greenback we have found here as a possible Breakout off of our Bullish Rectangle @ 0.65200 for a Bullish burst becomes feasible.
Tendency: Uptrend ( Bullish )
Structure: Breakout | Bullish Rectangle | Channel
Observation: i. 0.63800 level appears to be a respected Demand zone ( 500 retracement ) since the Impulse Leg in the last days of May 2020.
ii. A Flat Channel is observed as price ranged between 0.63800 and 0.65200 throughout the month of June 2020.
iii . A rectangle pattern where supply and demand are in approximate balance for an extended period of time followed by a Breakout is a sign we are looking for to buy.
iv. Notice how Breakout of Bearish Trendline coincides with Breakout of Channel.
v. Patience is hereby required as a possible correction before the rally is very possible at this juncture.
Trading plan: BUY confirmation with a minimum potential profit of 300 pips.
Risk/Reward: 1:3
Potential Duration: 1 to 7 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
Nirvana! Forex
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and NFTI takes no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
NFT&I does not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Tendency: Uptrend ( Bullish )
Structure: Breakout | Bullish Rectangle | Channel
Observation: i. 0.63800 level appears to be a respected Demand zone ( 500 retracement ) since the Impulse Leg in the last days of May 2020.
ii. A Flat Channel is observed as price ranged between 0.63800 and 0.65200 throughout the month of June 2020.
iii . A rectangle pattern where supply and demand are in approximate balance for an extended period of time followed by a Breakout is a sign we are looking for to buy.
iv. Notice how Breakout of Bearish Trendline coincides with Breakout of Channel.
v. Patience is hereby required as a possible correction before the rally is very possible at this juncture.
Trading plan: BUY confirmation with a minimum potential profit of 300 pips.
Risk/Reward: 1:3
Potential Duration: 1 to 7 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
Nirvana! Forex
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and NFTI takes no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
NFT&I does not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Trade smart. Trade consciously
