Wolfe Waves and a Gartley within a Rising Wedge pattern. Anything below 1306 is bearish, a strong break and close below 1306 would mean price has also broken below the rising wedge.
For the Gartley I'm looking to see what happens around 1269, this level may be short term support and this may result in price pulling back to 1306. A pullback to 1306 is what I'm...
This is an update of the previous NZDUSD idea I published. I just added Wolfe Waves. Check out the previous one below:
ANYTHING CAN HAPPEN!
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One of two things will happen to GBPUSD:
1. GBPUSD will find resistance at around 1.31030/1.30821(highlighted area) and maintain bullish momentum until it breaks the counter-trendline. Anything after the trendline break is history.
2. GBPUSD will break below 1.31030/1.30821(highlighted area) and maintain bearish momentum until it reaches the 1.28669/1.28491...
EURAUD has been bullish for the past couple of days, and for the past 5 days (to be specific), the pair has managed to retrace 61.8% of its bullish move. Friday's candle has a long-ass lower wick which managed to reach the 61.8 Fibonacci retracement level which also confirms bullish momentum being dominant.
Looking at the bigger picture - there's a descending...
GBPUSD has been in a +80 pips range for the past 4 days or so, and is likely to breakout of this range anytime soon. The MACD and the RSI are favoring a bullish breakout since they are both showing clear signs of positive divergence. On a much bigger scale, GBPUSD formed a falling wedge from the July highs at 1.34768. A bullish breakout of the range will result in...
Previous support at around 1.83000 formed in April is likely to be this pair's next resistance, but the LONG bias will only be valid if we break 1.78000 and maintain price above this level. Around the 1.783000 level, the ichimoku cloud will hopefully act act as some resistance together with the 50% and 61.8% Fibonacci retracement levels.
What do YOU...
The chart is self explanatory.
Scenario 1:
- Bears push the price down to around 1300.00 which is between the 61.8% and the 50.0% Fibonacci retracement levels and bounces off any of these two levels to POSSIBLY test the previous high.
Scenario 2:
- Bears push the price down to around 1300.00 which is between the 61.8% and 50.0% Fibonacci retracement...
