Possible play right on the open, technically speaking it has already retested the demand zone as well as a trendline resistance turned support,
so it's best not to chase if the market gaps up as DXY made a strong move, still it's possible for market to come back down to close such gap,
keep your stoploss and entry tight, keep your losses small.
we can always...
Price has recently tested and rejected off the 2970 major supply zone, where the 0.618 fib level lies as well.
Along it's way up to the price level, it has respectably rejected off the previous ascending trendline, making this a breakout and retest(multiple)attempts,
failing to make a strong push above the trendline and invalidate it, this does validate a more...
Price has yet to touch the supply zone that also sits well with where the 0.618 fib level is at, there is also a descending trendline that could potentially act as resistance.
Although price has already bounced off the 0.618 fib level, there is a possibility that price can push up a bit more towards 1.415-1.42 price zone,
where there is a recent history of strong...
Price continues in it's bearish momentum with a rather strong lack of buyers for now, indicating that we are not at any major demand level. Will the expanding wedge hold up or will price break under with strong bearish continuation?
This coming week might play out to be a corrective phrase as price has just broken out of the previous ascending trendline, so stay...
Price has broken out of the previous ascending trendline and has moved down towards the price zone of 0.96 and has made a bounce.
As price seems to have had a switch of buyers to sellers around the 0.965 zone,
a short from here would line up nicely with the support of the parallel channel, which could potentially act as resistance now
Currently GBPUSD has made a strong impulse move up towards the 1.264 price supply zone and has trickled down in a corrective like manner.
We have a few confluences at the 1.247 price demand zone, where price is heading towards the supportive ascending trendline of the expanding wedge like pattern and where price previous ticked off from.
Using a parallel...
As per previous analysis, price has finally moved out of the previous range and also retested the descending trendline with a strong bullish impulse move.
Using a parallel channel as a guideline, price is currently sitting on the upper resistance, potentially turning support.
It is possible that price can retrace towards the lower support of the parallel...
Based off previous analysis, price has finally broken out of it's descending trendlines.
Currently price broke under from these range last week and has broken back in.
It is testing the resistance/supply zone once more, from a supply standpoint, there's diminishing supply from the zone of 1.088 - 1.089 due to multiple attempts
which hints that there could be a...
USOIL gapped down on 26 April, leaving with us a very obvious supple & demand imbalance, leaning more towards supply,
It's possible for price to make another move towards the low of 6.65 before making any move higher.
Looking for a rejection off the 107.55 price zone, price bounced off the zone multiple times recently and has finally pushed past it, a retest of that area and reversal is highly likely.
Should price, make a close above, I will likely look for longs
USDCAD has broken out of an ascending trendline and is currently rejecting, the previous support turned resistance, with multiple wicks on the 1hr chart
Price is also rejecting off a descending trendline.
However, there's a possibility that price may push up to one of the supply zone above & also touching the previous ascending trendline before coming back down
DXY has been moving up rather corrective-ly, it has tested the supply zone a 2nd time and was rejected off with a 4hr bearish engulfing, another test of it would likely lead to a bullish continuation view,
compared to how price previously stuck around the supply zone (100.8 - 101), this seems like a stronger and cleaner indication of more bearish momentum to...
The 0.615 - 0.62 supply zone seems like a ghost town, price has either avoided (rejected) the area strongly or rushed right through
At that area, we have the top of the ascending parallel channel, while a descending trendline awaits as well.
Lots of confluence to short from the 0.62 price, but there's still the possibility of price bulldozing it's way up and...
The ascending parallel channel looks to be acting as the range to trade with for the upcoming week,
will be looking to intraday trades to long from the one of bottom demand zones and then take shorts from the upper supply zones
Haven't delve much into Elliot Wave but I did read up about it and this "looks" similar to a flat ABC correction, with wave C ending closely to wave A
either way, we have a breakout of a rising wedge pattern on the 1h timeframe.
On 4hr, we can clearly see an inverted hammer with a bearish engulfing as well
We just had a flip of demand zone into a supply zone, it was quickly tested and rejected.
Price has broken out of a parallel channel and is currently breaking out of a descending trendline,
will that 1hr doji send us down? probably not but we'll see how.
I'm pretty bullish with the 0.786 fib level rejection and the rejection off the demand zone at 1.231
but...
EURUSD has recently rejected off the demand zone and also the 0.786 Fibonacci level,
to top it off, price formed a bullish pin bar along with a bullish engulfing.
Along the way it has also broken out of a minor parallel channel.
Looking bullish in the long term but the short term play may result into bearish continuation, will be watching for how price reacts at...
