See how the Rising Wedge plays out here. This is broken we return to 1.60 and reverse all 2021 gains.
I've taken 85% of my positions off the table as I expect pullbacks here. But I will be adding positions when the pullbacks occurs
Really easy to see here, looking shorts off the resistance
Nice pennant forming here, bouncing between 2 key fib levels. Do they we could see some bullish momentum here for a few reasons: Technically, we broke the key descending channel which was prominent on both the weekly and daily timeframes. Fundamentally, whilst the dollar goes bullish and indices seem to have halted slightly, it gives good reason for a slight...
Think the dollar is only going one way this week due to the ton of support it's got underneath after the past 2 weeks. Lets tick them off: Cleared the 61.8% fib Break and retest of the descending TL Got above both the 800 and 200 EMA's Clear new bullish structure with Higher High's and Low's
Really clear and good structure on Gold on daily here. Completed the 61.8% pullback from the March lows before Covid and bounced, due to that, the 3rd touch of the long term trend line and also the Daily Support. Added to that the nice double bottom and this was a very good trade to take! Now I'm looking for a breach of 1750 to go long again. If there's no...
Either way we should get good confirmation here. The support breaks all hell will break loose, watch fundamentals for this pair oil for cad and vaccine exporting with EU
Clear trade idea here, also on 1hr we have both the 200 & 800 EMA's in our resistance area. That wouldn't be enough on its own, but with the resistance, 61.8% fib and the 200 EMA on the 4hr, we have plenty of confirmation.
Lot of bearish signs here, but let price dictate.
One of my favourite patterns, the falling wedge. Pretty clear support and resistance as fundamentals offering a muddy picture in regards to both currencies and especially together given the standoffs post Brexit over lots of matters. Break either way easy trade
Very choppy as technically we saw a breach of the channel but on the weekly that looks to be a fakeout. Monitoring for the 61.8% here but doubtful I'll take the trade until we get a more clear picture because at moment I could see bias for both buys and sells.
Broke a key daily resistance area and should push higher now nothing stopping it. Watch for a 3rd touch of that minor TL to really see it fly. Swing plotted from July high's.
This is what I'm looking for next week. Dxy breaking key levels and pound in the bin as a result especially with EU blocking vaccine exports to UK. Lots of confluences for price to react. 4hr Support 200 EMA 3rd Touch of channel Clear new LL's LH's structure 61.8% fib Target is the 800ema and 1.35 key level A break above the channel see's buys up to 1.41 but...
Nice falling wedge forming, something we don't see often in this current hyperextended market. If this breaks above, expect 0.87 to be retested but can't see it with how bad EU is coping with vaccine and covid. Whilst UK has now vaccinated over 50% of adults. Selling on the push back into 61.8% all way down, roughly 1:9 R.
Descending channel on daily is holding perfectly. So clearly we're looking at sells. Both of these potential trades are 1:8, for a combined 32% potentially. 1st trade is the classic pullback to 61.8%, 2nd is an impulse trade with a closure below. Watching to see if price forms and inverse head and shoulders in the orange circle as we already have left shoulder and head.
Bearish in my opinion. Any hope it had for pushing higher was negated when it rejected the neckline of that Double Bottom highlighted. Should we break 91.20, we'll see a sharp sell off of the dollar.