GBPUSD has been in downtrend, broked the long-term uptrend channel in the beginning of May. It is trading in FIBO 0.618/0.5 support area and is under pressure from Brexit, USD rate expectations and trade war threat. In the mean time, the RSI divergence is building. That will potentially turn 1.30-1.3250 area as a hard-to-break bottom and further GBPUSD correction...
Weekly: decisive break below 50EMA. Expect further downturn with 50EMA as LT resistance.
Daily: downmove stalled at 0.8710 LT support. Correction to 0.8800-0.8780 will be a good opportunity to enter short. 0.88- 0.8780 seems to be a strong resistance with previous lower high, W50EMA, D200EMA and D50EMA at this level.
SL 0.8870 (above 0.618 FIBO, TP 100 points,...
Price on Daily TF is moving in long-term uptrend channel.
Evidently it has touched the lower boundary 3 times since 2016.
Price is now under down pressure in falling wedge pattern and we might expect it to stop at 0.7620-30, then swift reversal from the long-term uptrend support.
Suggesting long at 0.7630-50 area with SL on daily close below 0.76 and TP 0.7880.
Price broke 50EMA on Daily TF and corrected higher. Weekly close respects DailyTF 50MA.
200MA now is way below at 1.52, that makes unlikely for price to revert upward like it happend 09Jan2018, when it broke 50EMA, but stopped at 200EMA.
Price also broke last higher low of uptrend at 1.5757. Suggesting short here with TP at area of 1) 50FIBO of 27sep17-19mar18...
AUDCAD is forming a promising setup on daily TF, with respect of the uptrend.
Market made a nice pullback from uptrend support line and FIBO. Although break and respect of 4H 50 EMA
required to be sure of further move up. Would advise to enter long on 4h decisive break of 50EMA.
Price is making higher low. 50EMA and 200 EMA are forming double support level. price is now on 50 FIBO from last HL.
If price will respect 200EMA and uptrend support line, long position is worth taking, with SL below 0.618 FIBO, TP and previous high.