Weekly: Price has still been making higher lowers. The 0.786 fib level has held for 3 weeks. Last weeks candlestick was a doji showing indecision between traders as to where to take the markets. Daily: Price formed a double bottom at 0.786 fib level. Price retested daily trendline. Price retested a minor level.Price closed above 1.38 psych level with strong...
Weekly timeframe: Price failed to break weekly resistance for around 7 weeks. Daily timeframe: Price came to the weekly resistance again creating a lower higher via spinning tops and a bearish momentum candlestick. Price also touched 0.786 fib level 3 times and failed to break above this level aswell. 4 hour timeframe: We had an evening star formation and a...
Simple fibonacci and retest of a minor level from 4 hour timeframe. On 1 hour price created spinning tops followed by bearish engulfing.
Price failed to break above the weekly level for many days We are creating small candlesticks within the consolidation box Price is headed lower
Using the weekly timeframe, once can see that price had completed a double top formation at the weekly resistance and thus price was continuing the downwards movement. Price had closed below the 1.196 level which indicates as to a bearish outlook for the week ahead Price broke through the minor zone of 1.196 and retested it, failing to break above this level for...
On the weekly timeframe, Price broke through the 1.400 level with a strong bearish momentum candlestick and then formed a shooting which rejected the EMA's and the 1.400 level. This means that perhaps there is a bearish outlook for the week ahead. Using the fibonacci tool, one may see that on the daily and 4 hour timeframe that price failed to break past the...
Looking at GBPAUD on a weekly time frame price came to the weekly and quarterly resistance of 1.85 and rejected it with a bearish engulfing candlestick which completed a double top formation. This indicates strong bearish momentum for the following week to come. i am looking for price to first head to the 1.806 daily level and if this level is broken the second...
Price broke through a key level came back to retest it creating a bearish engulfing closure on 4 hour time frame indicating bearish momentum, price also failed to break the 0.38 fib level.