Talking Points:
GBPUSD Technical Strategy: Keeping Bearish view
Elliottwave Count: ZigZag Correction will be our primary choice in count
GBPUSD Start showing divergence on daily bearish trenline and 240min newly created bullish trendline. Current level 1.4650-1.4700 is 100% expansion of zigzag and also testing horizontal resistance.
Long term trend...
USDINR which is currently near the range of 67.60-68, seems now trend is about to change in near future. We see this currency taking a dip till 52.80 and much lower till 38.40 in time to come. Seems USD is gonna be killed across the globe. This currency might take hit for all the globe currency. So be careful in USD long with any pairs.
A confluence of Fibonacci and support line around a harmonic pattern spells a long opportunity. The price may try to reach a Fibonacci level of 127.2% at 85.76 but fail since it is seriously oversold. For those who can't wait for the formation to complete as indicated on the chart, wait for at least 87.5 to break set stop a few pips below 85.76
I am not a long term trader however it is often good to know the prevailing market bias so that we don't make huge short term projections against the prevailing market bias. When you take a short position in 2016 it would be a good thing to be conservative with your targets as the EURUSD is going up. Once the 1.1059 break happens I see an area of resistance at...
It looks to me like the Euro is starting to rally after a very tough period for the currency. Here we can see on the weekly chart that the pair hasn't been able to make any new lows for at least a month. The moving averages have also crossed over in a bullish manner and we have some candle conformation in the form of some big bull candles with small wicks. The...
Most USD pairs weakness against USD has be very stretched have been appearing to either reverse trend or at least make noticeable retracement
GBPUSD is not different. It is possible that the recent bottom formed in April could be significant one resulting in trend change or may be just an intermediate low. Also as it was severally oversold exasperated by...
In my previous GBPNZD chart I suggested a potential larger contracting triangle and associated long trade highlighted has developed really well the low. However the price action has now overshot the requirement for contracting triangle upper limits (see chart link below)
Therefore, the contracting triangle is no longer valid, nevertheless in the longer term the...
Today the pair created a large bearish pin rejecting a key level of resistance. There is some "air" below which allows price to correct after the recent bullish momentum. Looking to short at the break of the pin and target target the 1.01 area.
Watch for a retest of the area between 1.9050 and 1.9075 as new support. Alternatively, wait for a 4 hour close above 1.9178 before considering a long entry. Key resistance comes in at 1.9290 and 1.9460.
GBP/USD finally broke out of the long period of consolidation which could lead price lower in today’s New York session. The Pound consolidated after it’s rise to 1.6275 resistance level which we have discussed last Thursday in the London Session Watch. The long term trend is still down as the short term moving averages (10 and 20 period) continue to stay below the...
