Setup: Rejection at the confirmed daily channel (4 points) + rejection at the 61.8% Fibonacci + RSI > 80
SL: Slightly above the 78.6% Fib level
TP: Aiming for 1:3 ROI, initial TP at the intersection with the bottom of the channel.
Price testing 78 Fib level with growing signs of fatigue from further retracement.. testing boundaries of the upper daily channel.. I reckon it will reverse and head back down to the other side of the channel
from a short term perspective, the upward correction that has been forming has halted at the 71.8% level and now the prices continue to move downwards. If you check the H4 chart you'll notice the continuation of the downtrend that started last week.
History repeats itself? Very frequently it does..
The pound has been crashing with no signs of when the drain is ending. However, prices have approached a significant historic support line at which the direction of the market turned.
All indicators clearly show the exhaustion of the prolonged downtrend and nothing is left but for the bulls to come in at a...
A confirmed downtrend has formed on the DAX starting the 3rd of May.. Prices now are retracing to test the 61.8% Fib level before showing signs of reversal and continuing the decline to the 11775 area. I'll set up a limit order to sell at or slightly above the Fib level.
GPBAUD saw a correction throughout the day.. News held the price range within the upward channel (blue). Yellow lines show the confirmed uptrend which we'll now continue to ride up; confirmed by the upward consolidation channel as well as the 61.8% Fib level rejecting the price from further going down
Silver is heading to test the hourly trend line (orange) which indicates the formation of higher lows; signifying the bull pressure to push the prices up.
With the consolidation happening over the past days I reckon it'll break the current resistance to reach the $15.00 levels.