Last GBPUSD forecast from 1.40-1.4150 and back down worked well.
Watching DXY around 90.2 to see if bulls return.
As such, I expect some ranging around these levels with the weekly target around 1.3950
Market has provided an ABCD pattern in progress.
Either the C leg as completed on the 61.8 retrace and will head up to 1.41 from here. Or, my preferred setup is to begin with bear movement down to 1h demand around 1.3770. From there we can observe price action and go long if the market begins to turn.
The preferred scenario would mark a neat return to daily...
Short around 1.1950
Broken and re-tested flag pattern, Wave 3 of downtrend about to begin.
I'm bullish on the dollar until we hear what FOMC say. A lot of inflationary pressures in the US and treasury yields just breached their recent high around 160bps. Stimulus cheques drop this weekend which will add fuel to the fire. The market has already priced in several...
We're in an area of daily supply (responsible for taking out daily demand on the 5th) shorts can be taken in here since we pulled back on Friday. The daily trendline has held strong so this would need to be taken out in order to get to the next daily demand area around the 1.3700 mark.
On Monday I'll be looking out for a short in the 1h supply area...
I expect a gap up when the market rolls over tonight after Brexit talks have been extended. However I am not expecting the news to be positive enough to break out of the 1.34 -1.31 range and will be watching PA around the highlighted areas. Significant supply zones exist around 1.34 and 1.35 highlighted, so I will be looking out for sell opportunities at these...
Gold is forming a head and shoulders pattern, being held down by a trend line. Possible short opportunity, currently sitting on supply zone around 1830. Looking for a test of the 1800 area before reversing. Any positive movements in the stock market should help with the final push down.