Reason for Long:
Overall price has retraced over 350+ pips in 16 days without any significant pullback, signalling that this move is close to exhaustion and expect a reversal.
Added confluence through 61.8 Fib level and trend-line market structure.
DXY also rejected at 2 year high indicating potential reversal which would be in line with GBP long.
Reasons for Sell:
-Price has been in an extended uptrend for 28 days. 6 of those days accounted for a retrace in the current uptrend.
-for the past 8 days price has failed to break above 0.99870 which is also December 14th high.
-Rsi is showing divergence on H4 charts indicating buying pressure is running out.
-Price has formed a double top and could be coming up...
USDJPY Potential short at 109.000.
Potential 100 pip move.
Reason for long:
Double top forming in weekly zone on H4 looking for clear entry on H1 or 30M.
USDJPY still trading under 200, & 50 EMA on H4 Chart.
DXY also reversing and heading into a down trend = Confluence.
Reason for Long:
-Price is holding at my weekly zone which is acting as clean support.
-Candlesticks on H4 are respecting weekly zone and not able to pass beyond it.
-EURGBP has been in an extended bearish market for the previous 5 days and expect a reversal to occur.
-H1 is showing clean double bottom PA at 0.88400
-No economic news releasing for 16th Jan to...
GBPUSD potential short at 1.27840 Extended rise in price and approaching my daily trendline. If the level does not hold the next significant resistance will be at 1.28150. Will look for clean bearish price Action on H1 chart before executing. Potential 100 pip move.
From a purely technical perspective, there is confluence at the 0.99200 handle. Providing there is clean bearish price action on H1 chart, there is good indication for at-least a 50 pip short move. Will wait and see how this plays out!
Based purely on Technical analysis NZDUSD has broken the blue counter trend line which now acts as immediate resistance. Still within the current downwards trend within the two maroon trendlines, NZDUSD looks like it can double bottom in my green fibonacci zone before heading back up for a temporary reversal, overall bearish.
Accompanied by the current bearish outlook stemmed by Brexit and Theresa May's poor attempt at handling negotiations. GBPUSD has been in a sustained downtrend with a rising wedge forming indicating that the downtrend will continue. You can find entry points at 1.26600 (orange line) which is a significant level for a break and retest of this market structure. Will...