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Key factors are the bearish engulfing monthly October completion and also bearish RSI divergence on both weekly and monthly time frames. These will be the over-riding factors that will overcome this current bullish bubble. I have an open SELL trade at 1.3165 which I will hold until the 4th new low is complete.
I don't believe that current economic sentiment in the UK is bad enough to push price into the 49's over the coming weeks, especially when talk in the uk very much indicates a rate hike which is just a matter of time. The 618 fib retracement of the A-B leg forms point C at 1.50829. This price is previous support. Price currently rests around the lower price ...
I would prefer to see a 1H or 4H bullish candle at point D to strengthen the case for a buy, but this is certainly one to watch as the monthly chart shows price at a very interesting long term trend line. Even if support doesn't hold at the 0.78 retrace, the pattern will remain valid and we may form a double bottom with point X which again may present a buy point
If you look at my previous chart GBP/NZD https://www.tradingview.com/i/5tX2jrY3/ you will see I am long and have already closed one profitable trade on this pair. I have just found this inverted head and shoulders pattern which i believe will break the neckline being the 618 retracement level on my previous chart, and see price continue to the upside ...
Confluence score : 4
Trend is up, i have opened a trade @ 2.3798 and currently in profit.
A very simple long trade. Having watched this pair behave for the majority of the day, it has a very bullish tone to it and has recovered from all dips during the day, that is the sign of bullish momentum. We are now in a previous resistance area which now has confluence with the .50% fib retrace. In addition to that, it also appears we have a simple AB-CD pattern ...
Bearish engulfing 1H chart completed at 50% fib retracement.
Harmonic AB-CD legs bringing price back down into a minor resistance area
Pull back to previous resistance now support at 1.11200
Has previously failed twice at the 7,350 area but finaly broke through on 4th August. Should the pair continue its decline my recommendation is to buy at the completion of the bullish gravely pattern. The pair is trading around the long term bullish monthly trend line and recent media reports suggest the RBA are no longer talking the currency down. Buy on dips at ...