MadChad911

MadChad911

With Brexit news looming over the Pound, we've seen this pair drop to it's lowest price in 2 years. According to the IG Client Sentiment data, 77% of retail traders are long and have been since May. The bullish bias does suggest that more downside moves are to come. On top of that, there is a lot of uncertainty around the UK's new Prime Minister (Boris Johnson)....

MadChad911

USD has been quite strong as of late. Strong growth and better-then-expected economic data have propelled the dollar in the recent weeks; however, with such a strong move, a pullback is necessary to retest previous support levels. For GBP/USD, that area is also aligned with the 61.8% Fibonacci retracement level. You can also see our trend line may come in to play...

MadChad911

Price has pulled back and is now consolidating around the 61.8% fib level. It appears we also have a new trend line forming. 2 things to watch for: 1) Rejections off of the new trend line 2) Can the pair break and hold above the price of 110.75 I'll be plotting buy opportunities if these criteria are met. Initial target would be 112. Be prosperous be profitable

MadChad911

We have seen the pair break through our trend line dating back to 2015. We have since, seen multiple retests of the flag pattern trend line--as evidenced in the chart. Today, we saw a false breakout to the downside--no doubt to trap sellers--only to see a strong move to the upside (which I caught a quick 50 pips and closed). Price has now rejected the 38.2% fib...

MadChad911

Last week we saw the USD bulls take control and break through the 95 handle. We have since, pushed higher into the mid 96's. We are due for a pull back and a retest of the 95 region. If we can reject 95 then you will see a subsequent break and retest of 96.5--as evidenced in the chart--and it should only be a matter of time before we push higher into the 99 handle.

MadChad911

We have seen a clear breakout and retest of our trend line dating back to May 2015. The pair should now continue to the upside to test the 115 zone that has been a major band of resistance. If it can break 115, then we may see a strong move to 118. Let's wait and see!

MadChad911

The pair should retrace to the 38.2% fib level (which is also confluent with a support turned resistance zone). The next area of support can be seen around the upper 1.12's as evidenced in the chart. Let's go USD

MadChad911

The pair should retrace to the 38.6% Fib level before continuing it's decent. The next support level on the daily chart can be seen around the mid 1.12 region as highlighted.