GBPUSD has broken the support trendline and is breaking below structure. This is a hedge of our currently open buy trade, however later today the USD Gross Domestic Product will be release, which will potentially spur volatility. If price moves to the downside we are targeting the 61.8% extension at 1.36400.
Again, full technical commentary in the video above, cable has been a really good pair to follow during recent trade. Solid resistance price of 1.38, multiple confluence zone that's offered 3 shorting opportunities over the last week or so.
In line with DXY, we could see a bearish breach of 1.37 if DXY performs as expected with a target of 94.500...
RSI negative divergence at bottom (1.15286)
The resistance area (1.16522-1.16744) still strong
The decline (correction) to the Fibonacci Retracements (0.5) area is necessary
and does not indicate whether the pair continues to rise or fall
So, we expect more of an increase and at least return to the 1.165221.16744 zone,
but not to Buy or Sell now!
We never know when is the exact top or bottom, so the best way is to ladder.
This wedge will break sooner or later, so it makes sense to start buying on the way down.
RSI shows divergence in 4h TF.
So this would be a high probability trade to enter. I'm laddering from the $19.3 area.
A nice breakout happened. Would be great to see a pullback to the green line area.
The second scenario would be a close above the red line. Let's see what will happen.
You can buy it on the Kucoin exchange.
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4 weeks have passed since the publication of our previous statistics of trading in the trade marathon. September was not a very pleasant month for spot trading. Starting from September 7, a local correction wave began, during which sellers were behaving aggressively. Therefore, we did not take risks once again and entered positions either in a small part for...
- Price Inside Weekly Drop Base Rally Demand Zone.
- Waiting for 4hr TF buyers to take control while price
is inside the weekly demand. Keeping eye on JPY pairs.
- Trend = Down so any longs will be counter-trend.
See the Picture above more information.