When it looked like GBPUSD could break down in a 2nd attempt to go down, it fought not to do it with a strong bullish candle, however, this pair is still inside the same trend since December 8 and can still break down or break up. Wait for confirmation
A continuation on what appears to be a top. Last top failed to pass through the trend line forming a fake break and returned to touch support, forming the classic head.
Right now it seems to follow a bearish trend towars the horizontal support to test it and possibly break it.
In a what appears to be a psychological game, investors seem to find what can be found left to start looking for support and resistance lines.
Starting in October from the big price plunge. The first orange trend line was made until it found the blue resistance line, which was an old trend resistance line from 2009 to 2011. With the correction made, it followed...
AUD has been very weak, however, it had to come the time where it hits a resistance trend line, and we can see how it didn't break successfully the previous top in the hourly chart, forming a pin bar, rejecting not only the hourly trend, but the daily trend as well.
There hasn't been a secure confirmation. However right now it's the time where it broke the...
There is no other support next to the horizontal support lines crossed with a symmetrical trend line since October 16 and a Fibonacci retracement of 38.2% .
So, it's either breaking this support and we continue having a bearish price (unless we have an underground new bullish trend) OR we continue the uptrend to test again the red line.
The first leg seems to be finally broken and bouncing into the horizontal support line to create the famous head.
After finishing with the head, we see how it attempted to go up and it stopped right after hitting the last resistance line of the leg, creating the famous pull back.
When we see an incoming bearish leg, we have to see how the first downtrend is...
In my previous idea, I published how the CHF/JPY has reached important fibonacci levels. First it retraced into 61.8% and then I showed how it got bullish a 100% from the same previous fibonacci retracement combined with a resistance long trend line which didn't broke and it seems like momentum is slowing down.
Now i show another different perspective:
There is a marked long trend tendency with similar resistance and support lines.
Inside that, we can see how the bullish price is strong and has had a retracement of 61.8%.
Both fibonacci are exactly the same, and as we can see, the story seems to repeat.
We can also see how both range have exactly the same % with very similar price unit ranges.
A nice iphone 6, new ipad and a beautiful retina 5k mac accompanied with a very good earnings report. What a fantastic party!
But right now the trend is reaching top and hype is getting over. Party was good though!, but there are time for other things as well.
Despite the awful conditions that might look at silver, it's brother the gold, which has very similar correlations, has still some support trends that might defend a not probable, but possible retracement. However with silver, it is safer that it will at least try to get into a deeper support level.