K_Budu

K_Budu

EURUSD experienced a strong upward trend last month but hit a solid barrier around 1.1000 on November 23rd. Since then, it has dropped about 250 pips, finding support around 1.0750, which used to be a resistance level. Right now, the price seems to be undergoing a corrective or retracement phase. It could potentially move up to the 50-61.8% Fibonacci retracement...

K_Budu

After breaking the bearish market structure, GBPUSD printed a new weekly high a few pips shy of 1.2050. From a four-hour lens, the price looks likely to complete an inverse head and shoulders reversal pattern. The potential right-shoulder support zone coincides with the impulse leg's 50-61.8% Fibonacci retracement levels. However, it's possible to see a deeper...

K_Budu

From a technical standpoint, GBPUSD is bearish and we can expect that to be the case over the coming weeks. However, after the pair plummeted over 500 pips, we'd expect the market to correct to the upside before a bearish continuation. This presents a long opportunity with target level set at 1.3000 - should this level act as a price ceiling then we will be...

K_Budu

From a daily outlook, GJ has been on a bullish run for about a month now. At present, the pair is approaching a 3 month high at 158.00 after extensively breaking through 156.00 - Very much likely, 158.00 might offer some resistance to price, providing a logical shorting opportunity for a deeper correction on the impulse leg down to the most recent high at...

K_Budu

Hey Traders, this week we will be monitoring GBPUSD . Putting all recent price action and the drop in bullish momentum in to perspective, GBPUSD is poised to face a confluence of resistance at 1.3600 - 1.3625. NB: A confluence of resistance or support is simply an intersection of two or more key levels. Market participants are more likely to gather around an area...

K_Budu

We've seen EURCAD decline for a couple of weeks now, plummeting over 500 pips from 1.5 (LQP). At recent, the market is approaching a demand zone around 1.44. The pair is still within Bearish market conditions i.e from the 4H time-frame the market structure is bearish. A shift in MS from Bearish to bullish around the target zone will trigger a bullish run. We...

K_Budu

The Japanese Yen is considered a safe haven currency as it tends to hold its value or even increase during periods of risk aversion. Yesterday, the pound-yen splintered its 4h bullish market structure (Bullish MS: a series of higher highs and higher lows in the markets), plummeting over 0.91%. Being reactive is waiting for prices to retest and fail to...

K_Budu

Bears recently drove prices from a peak high around 2.0 to 1.93, breaking the uptrend support and subsequently an acting support around 1.96. Within the coming weeks, we expect a retest of the broken structure from either one of the zones highlighted in the chart. Trading is reactive not predictive, use proper risk management and be aware of liquidity...

K_Budu

Couple of weeks back I published an idea on here 'bout GU, it's time for an update. After plummeting over 350 pips(as analysed), the pair has ticked higher over the past 2 weeks to revisit a daily resistance zone. In confluence with the downtrend line and the 61.8 taking of the fibonacci retracement on the impulse leg, this level could be a good sell zone....

K_Budu Updated 

Since July 21st, the Pound Sterling has gained positive traction skyrocketing or soaring over 400 pips from 1.3570. A move I'd best describe as a technical price correction on its impulse leg (from points a to b). Capped around 1.4000 which serves as a major daily resistance in confluence with the 61.8 taking of the fib retracement, the Pound Sterling is better...

K_Budu

GBPUSD saw off the trading week on a front-foot. Brexit trade deal likely within the next 10 days as hinted by a Senior Member of the European Parliament (MEP). The EU Parliament informed the EU Chief Brexit Negotiator Michelle Barnier that the deadline for a possible trade deal between the EU and UK is December 10th. Supportively, the resignation of UK PM...