Good morning,
Yesterday I entered a sell on GBPUSD and I'd like to share my thought process before I entered this trade.
On the higher timeframe we can see the Pound has been melting these past few weeks as a result of the FED starting their tapering process, concerns over the new Omicron variant, the BOE not looking to change their monetary policy after...
BTC needs to close above this 9 EMA on the 2hr TF soon or we can expect a move lower to around 50k. Lets see how this plays out.
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It seems the selling pressure is still increasing and we may fall a bit more, before we can take the next buy opportunity.
We sitting on a small support, but I assume this support is to weak.
Respect the trend.
The upward momentum seems to be running out of steam with resistance at 1.71040. This could a good opportunity for traders to start opening sell trades at market open.
After moving over 400pips since our last publication on this pair (see link below for reference purposes), the price continued to find lower lows as it Breaks down of CA$1.71500 thereby making the Breakout on the 19th of April a false one (a feat recognized by the plunge in oil price).
The Supply zone around CA$1.71000/1.72000 zone emphasizes the selling pressure...
BREAKOUT STOCK SELL ALERT
$RIG - Transocean Ltd (Switzerland) Common Stock
Initial Alert Price: $2.31
Price High: $2.69
% Gains/Losses: 16.45%
(-48.55% Less Than Expected)
RIG hit the $2.69 Level of Resistance and is currently consolidating from the breakout. It does seem to be rounding back up so we will be watching closelly for another potential breakout here....
As I mentioned in my previous analysis GBP/USD was close to provide an selling opportunity . And the analysis seems to be correct and NOW It Can Fall Till 180 Pips ! If TP 1 got smashed and then it still falls then hold the trade otherwise take your profit if the market make bullish structure . I will keep everyone updated so make sure to like and follow ☺️
The bear market might have possibly began. The selling pressure is high and people have less hope in this market.
2nd point is that a break of this main support will confirm the head and shoulder and thus the trend reversal.
On my previous idea i had the idea of buying back at the main support. But for now, i switched my changed my mind because buying seems more...
The AUD/NZD market has traded in a range for a long period of time but at the moment, we currently can observe price reached as resistance. Price clearly rejected the resistance above, This could be a great entry on the short term for more sells.
