ORBEX: GBPUSD - Should We Expect The Breakout To Continue?It looks like the corrective intermediate wave (C) completed its bearish course at1.1956. The recent attempt to push prices down brought the pair lower where it completed a corrective minor A,B,C at the round 1.22 level.
As part of intermediate wave (2), the minor three-wave corrected down to the 61.8% golden ratio of 1.1956 bottom and 1.2588 top at 1.21943 - to be more precise.
The current breakout could be the beginning of intermediate wave (3). Should the formation gets validated above 1.2588, the next stop for a breather would be near 1.2828 100% FE, then near 1.32. The structure suggests that once minor corrective low A and then B are taken out by bulls, chances of further upside would increase.
This opportunity would be invalidated below 1.1956 with short-term signs of failure appearing below 1.2194 (unless if this turns out as a double zig-zag or other corrective structure)
Expect short-term pullbacks for profit-taking
Stavros Tousios
Head of Investment Research
Orbex
This analysis is provided as general market commentary and does not constitute investment advice.
Bullishhiddendivergence
GBPAUD Buy IdeaW1 - Price reached the bottom of the channel and is moving higher.
D1 - Three higher highs, higher lows structure, until the uptrend line holds we may now look for retraces and buys with bullish evidences.
H4 - Bullish hidden divergence. We may now look for bullish setups with more bullish evidences in order to join the bulls.
AUDCHF Buy IdeaW1 - Double wave down, price reached a critical zone formed by the fibo level of the cycle and the psychological area 0.65 and is currently moving higher. Bullish divergence.
H4 - Bullish hidden divergence.
H1 - Price is moving inside a bullish flag pattern, if the price breaks above the top of this pattern we may then start looking for buys with more bullish evidences.
FTM/BTC -> Creating a new trend (bullish) ???? What we seen is that FTM is ready to change the downtrend to an uptrend!
Positive points:
- FTM creates a big hidden bullish div
- It has created a higher low
Negative points:
- low volume
- EMA 9 under the EMA 21
Position:
You can take the position over here (161 -163) with a stop loss (150 "lower than the last higher low").
AUDJPY Buy IdeaD1 - Bullish hidden divergence.
H4 - Price is holding the 100 fibo level, bullish divergence.
H1- If the price breaks above the downtrend line, we may then look for pullbacks and buys with more bullish evidences.
If you want to be more conservative then wait for the price to break above the high shown in the chart, we may then start looking for buys with more bullish evidences.
Gold Buy IdeaD1 - Price broke above the downtrend line and is holding above it.
H4 - Price has created higher highs, we may now look for pullbacks and buys with bullish evidences.
H1 - We have bullish hidden divergence, we may now look for more evidences of bullish pressure in order to join the bulls.
EURJPY Buy IdeaH4 - Potential triple or special cycle forming. Currently it looks like a pullback is happening.
Price reached the most recent uptrend line. Bullish hidden divergence.
H1 - Double wave down, price has reached the critical zone. Bullish divergence.
Until this critical zone holds, we may now look for possible buy setups.
GBPCHF Buy IdeaW1 - Bullish convergence, we may now expect pullbacks and continuation higher.
H4 - Currently it looks like the pullback that we were looking for is happening, bullish hidden divergence.
H1 - Price has reached the critical zone formed by the 100 fibo level and the uptrend line, bullish divergence forming.
We may now look for bullish setups in order to join the bulls.
EURNZD Buy IdeaD1 - Bullish divergence, bullish convergence. We also got pullbacks in the form of double wave down.
In addition to this the price has also created a bullish hidden divergence.
H4 - Bullish divergence, bullish convergence. In addition to this the price has also broken above the downtrend line.
H1 - Currently it looks like a pullback is happening, potential bullish hidden divergence.
We may now look for pullbacks and buys with more bullish evidences.
GBPNZD Buy IdeaH4 - Price is nearing the uptrend line, bullish hidden divergence.
If we didn’t get a valid breakout here we may then expect the price to respect this trend line and move higher again.
H1 - Price has reached the critical zone. We may now look for evidences of bullish pressure in order to start looking for buys.