Depending on where the daily candle closes today, we have the potential for a nice bullish Gartley pattern to form in the coming days. This is in agreement with institutional support levels shown by the orderblocks.
Cable is a great opportunity right now to make some pips. My buy target is set to 1.536 with a SL beneath 1.1332 as it is possible a stop hunt will take up to that level. The sell target is first the .618 fibo and a second target of 1.58.
Looking at the monthly chart for the aussie, there is a bullish trend line that the market has bounced off of historically. Also the current price is resting on the 38.2% fibo. A bounce would not only be off the fibo but also off the bull trend and looking at the chart, when the aussie bounces it bounces hard.
The Euro is sitting at key a key resistance level which it has bounced off of many times since the beginning of summer. There are two things right now that will decide where the market goes. The first is if the greenback can hold at the support line it has bounced off before. A holding of this level would suggest ...
Both the Dollar and the Euro are resting on orderblocks. The Dollar block is a strong support line that it has already bounced off in the past. The Euro bear block is the recent high from a few months ago and has bounced off it before.
It is impossible for the dollar to keep climbing even if it is king. Eventually the dollar index with change tides, and when this happens smart money will already be long gone. The fall to bull blocks will be drastic. This is a time when you will be wanting to keep a VERY close eye on USD cross pairs. I know I will ...
I;m unsure of which way the market will move after the weekend so my advice would be to stay out or set orders with low r/r on either side. There is nothing on Monday news wise that should break any of the orderblocks so I expect them to hold. If next week hits the bullish block it will certainly be time to long fiber.