I have been doing some analysis on the GBP/USD Pair ever since the USD Strength over the past week or so. We can see this should continue with a clear head and shoulders formation on the 1HR timeframe as price is getting sqeezed. There is alot of confluences with this trade. We can see the short term trendline being respected. A beautiful 38.2% Fib Touch which was...
Crude has had a massive move to the downside ending 2018. Price has been correcting ever since, and we might be ready to see another melt! Be cautious of spikes to the upside right to 61.8% lining up with the 63.00-64.00 key level. First target at 50.00 round psychological number
We have seen price rally very impulsively to daily resistance zone, which could be very good zone to go short with small risk.
Overbought rsi indicates reversal.
There will be Aud news in 2 hours, so keeping stops just above recent high is recommended.
Let's see how gold plays out here' I have my support on gold and resistance on the 15 min chart, from my perspective gold seems to respect the trendline towards a bullish run, next zone target is around the 1208-09
Only risking 7-8 pips..
I've got a nice risk and reward ratio
AUDUSD 1h Analysis - If price breaks 0.75425 then I expect it to fall towards the target of 0.74496.
Currently working on keeping my charts as clean as possible, focusing on structure, trend and being aware of support and resistance levels.