Hello, I see a potential retracement zone between 0.5 and 0.382 fib levels. 138.141 line can act as a strong support area as price have been bouncing on it right from the weekly chart. I will go long if price closes above 138.141 level
Combined Pattern on COPPER, we a ABCD pattern completed a 127 ext: and if price still goes up we have a beautiful confluence zone at 161ext of (a) (b) and the bat will be completed at this same zone 88.6 of XA too
This is a very nice place to go short for many reasons:
The price broke the short-term up trend.
Two Major resistances that the price was not able to break either of them. The Major daily down trend & 0.5 Fibonacci level. So the it will go at least to the next Fibo. level (as well as the previous structure high) ...
strong support / resistance line on daily chart
0.382 fib retracement
possibility of forming triple top
unable to touch the channel
seems good to short to :
1- lower line of the channel
2- first recent support
3- second recent ...
I am shorting GBPUSD in the 1.28-1.29 zone because of 4 technical reasons.
1. It broke out of the Brexit channel in October and now is close to testing the previous support of the channel (the red line and green arrows)
2. This zone is also an 618 retracement of the impulse move marked as "1 to 2"
3. The RSI/7 ...
I've been watching this pair for a weeks. We can see a clear resistance level at 84(aprox). In addition, some divergences in RSI have been formed. So it's time to go short to the last relevant support.