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Having GBPUSD close on the Major Support level without breaking it does give a great opportunity to engage the trade.
Its immediate resistance level is at 1.3055, I will watch closely if it is able to break and close above the level.
Gold on the 4-hourly chart didn't have a break and close below the trendline, on the 1-hourly chart it did break and close below the trendline but do note that it still fails to break and close below the previous low.
If you are looking for a more certain trade then wait for the AB=CD pattern completion at $1887.45 for a buying opportunity.
An aggressive trader...
Before we start sharing our take on USDJPY, do remember the USDJPY has been on a long term bearish trend, it created a series of lower-high on the higher timeframe.
On the 1-hourly timeframe, it shows a Bullish Gartley Pattern emerging. Usually, a Gartley Pattern has a V-Bottom when it approaches the Point D completion. With that said, always wait for candle...
If you remember for the past few weeks I'd been saying that the GBPUSD is going to rise even the Brexit negotiation didn't reach a conclusion? I'm looking at 1.2984 or even a retest of the trendline for a buying opportunity on the coming week.
As EURUSD had a checkback on the bearish shark pattern, there are 2 major prices that I am waiting for the shorting opportunity.
The first level I'm waiting to short is the previous high at 1.1873, traders might see it as a retest of resistance and head in for the shorting opportunity. Another level that I'm waiting for the shorting opportunity is at 1.1893, which...
GBPJPY is currently at the major support level, breaking and closing below the green box would open up to a bearish run on this pair. At this point it poses a great opportunity to long, however, 137.07 is a strong resistance area, I will shift my stop to entry once the market reaches that level.
A bullish shark setup on the CADJPY on the major support area on the 4-hourly chart. Bullish Shark is a tricky setup compare to its peers in the Harmonic Patterns category.
Pending Order Place to get ready for the engagement.
A bearish shark setup on EURUSD as a counter-trend trade, check your live chart as the candle opening and closing on the 4-hourly chart may show a rather different candle formation. If it closes as a long shadow candle, I will engage as an aggressive trade.
A potential bullish shark setup on the AUDUSD also has a potential of an ABCD pattern setup at a much lower price 0.6960, the problem with ABCD pattern is that often not it will slide before a turn-around if it happens. A major support level can be seen on the daily chart price at 0.6935.
Sideway consolidation spotted on GBPUSD. One thing for sure, an expansion will follow. What's interesting is that the market pause at the mid-point of the sideway consolidation. Any decision of trade intervention happens when the market touches the bottom trendline.
Short Trade already in a Risk-Free Trade