Bulls were trying to fight within possible supply based on daily but looks like risk off during Asia session + RBA without fireworks took over.
Latest failure at the bottom of that rising channel brought Us new high ( all after FOMC ). Have you notice intraday H&S formation at the top of that channel ? First short filled. In case of stop out it may turn to bigger H&S where current one might work as just left shoulder.... then I will work with short side one more time....Dont forget its end of the...
GBPUSD Daily - Pre-FOMC wall of supply ( been hit first time last Thursday ) visible on the chart. Currently within the range ( last Thursday high / Friday low )
GBPUSD possible intraday stops right above yesterday high + 1to 1 twds 1,3220and possible intraday supply zone, all looks good but its right ahead of FOMC so it's very risky
EURUSD intraday possible scenarios ( bear in mind we are approaching FOMC, End of The quarter/ end of the month ): Possible supply towards 1,1800 with stops above yesterday high and again around 1,1840/50 with stops above . First possible demand around 1,1735/15 ( been tested already ) and we do prefer lower levels down 1,1640 ish/20ish Good Luck
Pre FOMC , end of the quarter, end of the month. Full fight in between 1,2880/60 and 1,2980/3020. ( Bears in a bit better position from daily chart )