The STI is struggling to hold on to 2500. All indicators are on a downtrend.
To negate short term weakness, the STI must close back above 2540 - 2586 and hold.
The Medium and Long term prospects are weak and in a persistent downtrend.
2200 is the next target is weakness persists in the MT.
I expect the price to correct to 26510 or 38.2% Fibonacci retracement.
The reason why it gets corrected because I notice in the Ichimoku indicator that the Tenkansen and Kijunsen are far separated. When that happened it will attempt to get closer for equilibrium.
On top of that, the price deviates too high from the Kijunsen which also indicates inequlibrium which...
Based on how this trend is developing from the GDP and FOMC news statement, GBPUSD is looking like a buy right now. Please continue to pay close attention to this pair of the development of an uptrend for a buy.
This is my trading strategy for EUR/USD Short for the next 4 - 6 weeks, I combine a Fibonacci Retracement, a Fibonacci Extension and the Ichimoku Cloud - For good measure I'll add an RSI and MACD indicator as well (to monitor movement of the market at that given time in that time frame)
Trading strategy for the next 4 - 6 weeks:
Based on a 4hr. time frame -...
We have a bullish TK Cross on 4Hour and it seems it's just struggling to break 1h previous support and should be on its way to the top here. I will be closing this if 4hour is back down to bearish and fails to break the cloud through-through.
GBPNZD is a BIG sell due to news on the MPC Official Bank Rate Votes, Monetary Policy Summary, and Official Bank Rate today at 7AM EST.
Price and Lagging Line will soon pass beneath the cloud.