At this time, there is a four hour demand zone holding on GBPJPY, the near term future is pretty unclear at this stage depending on price action around this zone. We can see a squeeze of downtrend resistance that may hold the bulls off, while there is a clear support beneath. Waiting and watching for now.
I am watching this pair for some further confirmations of a potential reversal trade around demand zone and low of the flag pattern. We saw recently a few signs of value hunting in this pair creating this consolidation / corrective pattern. Will monitor for now.
I am watching this zone for a possible return to the long term prevailing downside. Negative news for Brexit over the W/E could provide further downside. Also we see a test of a shorter term resistance inside of a downward H1 and H4 Channel. This morning we saw a small move during Asia markets breaking out of a 15 minute continuation pattern (pennant) to the...
Watching Zone for price action indicative of reversal. RSI is very much indicative only. On my other charts I see a 3 standard deviation move to the downside which can spell technical exhaustion to act as confluence with the RSI. I am looking long above 1291 at this time.
Simple Idea: Got stopped out trying to short this pair when i saw earlier signs of being overbought. . . was stopped out of three minimim risk scaled entries this is my final effort short on this idea. Has the dollar rally completed for now at least?
My notes only ...
I have taken my final entry on my short of AUDUSD for this trade plan. The supply zone on lower time frames, broke through. I anticipated a possible push to 7300 area as a contract accumulation before resumption of downward move. Today we got a new Prime Minister AGAIN!
Going into NY session, we are seeing more bull power although now we are coming into the...
Starting to see some confirmation of a turn to the downside for AUDUSD. . . there is a resistance zone above. Watching the H1 and M15 there has been some accumulation price action, starting to see a bear move as the 0.7350 has broken down on shorter time frames.
My trade notes only
Looks like the GBPJPY has found a bottom for now at least after a few days consolidating around this area. Looking for a long position at minimum risk bearing in mind the Brexit pressure that potentially weigh on the pound.
My trade notes only
As the Dollar made 13 month highs, most USD quote pairs are oversold, and the index is overbought. . . Expected behaviour would be a pullback to test the new support. With this in mind, Turkish troubles may throw their weight and we see further dollar rally. Anticipating some short term bullish momentum for the next few days of trading from EURUSD, AUDUSD, NZDUSD....
We have seen some volatility in the dollar pairs the last couple of days. NZD the worst performer. I am expecting a small pullback to test the recently broken resistance (new support) AUDUSD is back inside its trading range at this time, having thrown a large pin down and returning to familiar territory.
My notes only... not a trade idea