I think GBPUSD is entering a range, if not already in a range from a long term perspective. I have given the supporting explanation within the chart. I have also provided a potential short opportunity in the near term, as explained in the chart. This is backed by the Volume analysis done in the linked Futures chart. Do let me know your comments.
Price formed a pennant in the 4HR chart and continued its rise, as indicated in my previous published idea. As a continuation of that idea, if the price closes above yesterday's high in the daily chart, a long position can be established. Reasons indicated in the chart along with stop and targets.
Thanks to Technician for pointing out the short setup in this chart (link in related ideas). The price is correcting from the fall and a pennant has formed. Looking at the flagpole height projection meeting the median line, a good entry will be when the price breaks over the top of the pennant with a decent risk/reward ratio.
NZDUSD is currently trying to rise after a sharp drop. Is this rise part of a correction or part of an upswing?
Based on my analysis, NZDUSD completed a five wave upswing on Mar 28, 2014, followed by an Expanded Flat abc correction ending on Apr 29. This was followed by a wave 1 which ended on May 06, which was higher than wave b of the prior...