GBPUSD broke through major resistance around 1.466, and broke out to the topside of a rising wedge. If look at the Monthly time frame as well, the last time prices hit the lows, they bounced back up into the 1.5 area before falling back down. I think we need to see price hit 1.5 before we can determine the next course of action.
Back in December of 2015, we saw price range shortly from 1.926 and 1.832. We saw price bounce off of the 1.832 support level, and break out of a resistance trendline last week. I am expecting price to move higher to play the same range as back in 2015 and touch the 1.926 resistance level. This would also be where price meets/retests the trendline it broke out...
After FOMC, price is respecting the .683 level at a lower time frame level, which looks like the neckline for a potential head and shoulders reversal pattern. Although price broke out of the red sub trendline, indicating a move lower, interest rates remained unchanged so market should react with a weaker dollar, moving the pair up throughout the next couple of...
Price did not reach as high as I had expected. Instead of reaching for the high, it reached the close of the highlighted set of candles. Going in short now, and targetting bottom of the channel.
Very impulsive move down, but 156 level has shown to have a lot of support. This level will also retest the blue trendline that price broke out of and never retested. Expecting a bounce to the 158 level, but has a chance to shoot to 159.3 before making its big push south.
Price broke from 1.17 levels, then bottomed at 1.05. After price retested 1.17, it went back down to find support again at 1.05. Double bottom formed, and you can see price has been propped up to go higher since the second test. Looking to go back to 1.17 for another test to either confirm the range, or to break out and go higher to confirm a double bottom. On...
Price had a long run up on the daily, and is in consolidation now. After hitting the top of the range, price formed a breakout formation. It broke out, and retested the level at 98.5. Price has steadily declined, and is now within a descending channel. We just saw a large dip in prices, indicating to me that there is a strong move to go down from here. ...
Price retraced to the red trendline that it broke out of in early April. It is also creating a double top at the resistance level. There could be a slight push higher as price bounces through the ascending channel, but MT to LT I think this will go down. GBP seems to be strong at the moment, so maybe JPY strength will push this lower. I'm taking this down...
Price broke out of the red trendline, and is looking to retest. Although prices are moving aggressively to the top, I think we have enough confluence to bring this back down.
On the lower time frames, we can see that price broke out of a trendline, indicating a move lower is imminent. However, it looks like it stalled at a support level. The 20EMA is holding prices down and is creating a squeeze here, so I'm going to look to go short either at another touch of the 20EMA, or at a break and retest of the .7938 level and targetting .77
Price has already retraced and retouched the broken trend line.
Price consolidating in a range shown by the rectangle. 20EMA is pushing prices down into a short squeeze. Looking to go short on another touch of the 20EMA on the 5min TF with a stop above the rectangle.
There is a break of trendline on the 4H indicating a move higher. At this point, the first short opportunity level at the 156 area seems to be too early to short, so I'm looking for 158.2 level to go short. Will have a Limit order waiting.
Support broken. USD weakness looks to continue with CAD strength still maintaining. Prices should start making it's move down to 1.213 for the next couple of weeks to months. In addition, you can see the 20EMA squeezing prices through the support level and carrying prices down.
Basic breakout pull back strategy here, however we have two points at which price can pullback to before it starts its move back down. The most immediate level is the 158.369 level which is a minor support level that price broke out of first, but never retested. The other level is the 156 level which was the major level that helped us determine that price will...
This pair is respecting the same range levels at the topside as it did back in 2008. There was a strong bear candle engulfing the candle that respected the .808 level. There is a good chance that price can come back down to .77711 level and consolidate again. Also, that would be the point at which the 20EMA would meet prices which would act as dynamic support. ...
Price recently broke out of a major trendline and is now coming back up to retest. I'm going short here and targeting the next major support area, and then target lower at the monthly major support level at 1.35. The monthly chart shows this market to be overall bearish with lower highs, so I am going to keep a strong bias that price will reach that 1.35 area...