As we can see price has made its way up to an area of significance. In addition a bullish channel has started to form on the daily chart, which comes after a rally out of a decent bearish channel.
Ultimately I remain neutral for now - anything can happen. It will be interesting to see if today's candle closes as a clean high test.
Following negative CPI data the Aussie dollar fell considerable today, moving price lower into potential buy territory at the 0.69650 significant support level. Additionally, this level coincides with a decent bull channel which has been in formation since the beginning of September.
Ultimately I remain neutral with this trade as there are still a number of...
Following a nice head and shoulder reversal set up on the daily chart, GBPUSD has started to form a decent bearish channel. Currently price is on its way down from a retest of the significant 1.54800 resistance level, which has held up very well. After breaking through minor support price retested this level yesterday.
So far 4HR and 1HR price action has been...
The tweezer top formation retesting the 1.13750 major resistance zone proved to be a textbook setup. In addition to this, monetary easing by the ECB has added fuel to the fire.
For a short term outlook I expect a slight retest of the significant 1.11000 trend line, before price continues to the downside.