Price has broken back into long-term structure.
This shows that bears attempted to break price lower and got rejected.
Bulls moved price back into structure, indicating a bullish turn of momentum.
This is further backed up by price action on the 1D chart
This chart shows that the power bulls provided through...
- The ascending wedge pattern in itself has a downward breakout bias
- Overall downtrend
- Exhaustion phase
- Expected continuation phase
- Price failed to hold above the downward trend line, making many attempts to the upside which lead to eventual and expected...
Some simple bearish reversal divergence on GBPCAD combined with a crucial level of resistance.
I expect a correction down to the long-term trend line.
I will be taking this trade with short-term break and retest confirmations. :)
Of course with this pair it seems bearish due to the large impulse bearish move previously, although you can see that recently we have been seeing some bullish strength from previous support levels where bulls have brought price back up to previous highs. They have also formed a stronger higher low. If we can see a break of these previous highs, we...
AUDUSD is in a downtrend with multiple previous false bullish breakouts.
We have just experienced one of these, leading me to believe that the bulls are weak as the bears previously drove price down regardless of the bullish breakout momentum.
I expect (IF WE BREAK THE SUPPORT LEVEL) to see AUDUSD dropping lower. Although, we may see a correction yet.
- We are in an exhaustion phase.
- We are in an ascending formation (bearish bias).
- The current long-term bias is bearish.
- The current med-term bias is bullish.
- We trade med-term so we are looking for bullish setups.
*** We are now coming into a support level. Previously, bulls have showed a lot of strength in this ascending formation, with...