red circle area is the major resistance, 55.5. So the oil used to skyrocketed and water-falling after passing through the level. it is not an easy level to break, but it has 4 supports (yellow circles) at the bottom, created a strong base to prevent a further falling. Now, a flag pattern is spotted, uptrend is expected to be continued, as long as the bottom lines...
read the indicators, read the charts, everything is telling u the same thing: SHORT SELLING BEGIN
MACD, RSI, FIBO, PITCHFORK, TRENDLINES....
but where to stop selling? as stated in the chart, there are 3 levels of supports. it should be supported, unless the economic situation has a 180 degree changes.
Now moving inside wedge pattern, awaiting a breakout to know the next major direction of this pair. As of current if sustaining inside 131-130.55, it's good to collect and hold, else SL below this region. Turning it into a short position towards 130-129.54 region. Else, can maintain the long position from 131 towards 132.15-132.50 .
Do take note today there are...
GBP USD Testing the support trendline, for further upward movement, we want to see it breaking above 1.233 to see it moving higher, else expecting a pullback to take place sooner, where breaking the trendline we can change to a short position.
TP: 1.2370 / 1.240
CL: Below the trendline (1.229)
Short below 1.229 towards 1.222
7754 is the key level to decide where it should heading to, south or north.
while the latest candle rejected the lower price and hence bounce up to maintain its main direction.
higher high can is likely to be seen in the near future, then the collapse may begin from there
chart has explained everything
take note on the circle, it is the break out tho it's not strong, but it has done its job to prevent falling further. let see if this work, and if it changes to support from resistance trend line, 53.64 is the first resistance level to break in order to break further.
I saw a buy:
1. as you can see it is trying to break 4 times already, and it is yet to be broke.
let's see if it can break it out at its 5th time, before breaking lower.
2. high highs appeared, market rejected the lower price and hence push to support level and above.
3. latest candle closed at 52.5 above, higher than support level.indicating the market...
Sell when it meets resistance (the trend line), but cut loss when it happens to go above the resistance zone.
target should be the green area, or long term swing trade can aim for lower than support zone.
overall, EUR is weaker than GBP based on this chart.
Now testing a decent support region, if sustaining 61.5-60.5 , a possible strong rebound might kick in next week towards 65-65.5 region. However, need to look into indices movement as well as most of them approaching crucial supports. If indices rebound next week, very likely we can see oil rebounding strongly as well. Vice versa.
As gold break both support and trend line shown in the chart, I am looking it to go south further until meet the next support line, which is 1446 level, if it did not go up and close at 1520 above tonight. Furthermore, Macd is crossing, signaling bearish coming in.
here's the 3 scenarios will happen if:
1. Gold got strong support and push towards to 1520 and...