Please see comments on chart.
Multiple confluences for a short trade, included entry, stop and target FYI.
Dollar-long set ups making appearances on multiple currency pairs is an added confluence for a short trade.
As stated we could see a slight continuation up before we descend lower.
Any movement above 1.10 and this analysis is invalidated.
Initial target...
Here we can see the DXY daily chart.
As you can see we have a strong support area marked by the blue box, price last week came down to this point which is also confluent with the daily trend line which you can see on the chart.
You can see by the daily candle marked A we have a hammer candle, which often signals a bullish reversal of price.
If you study the...
Price has fallen, after breaching the previous high, back down to retest the resistance-turned-support level, also confluent with the 50-61.8 retracement level.
GBPAUD has respected fibonacci levels throughout it's uptrend across all 4H+ time frames.
Long from the new level of support.
Head and shoulder reversal pattern drawn on the chart.
Price is falling toward the neck line (resistance turned support) which is confluent with the 50-61.8% retracement area.
Possible Long set up, will see how this one plays out.
Previous Support has turned into resistance at C.
1) Breakout, 2) Retest ..... 3) Continuation.
Price action has formed a descending channel... A,B,C
Retracement of downturn into the fibonacci sweet spot... C (Confluent with previous support)
All 3 confluences line up nicely. Watching price closely for signs of a sell!
Price has retraced to the 50/61.8 retracement zone, confluent with the daily trend line.
On a break of the counter trend line I expect price to fall and the down trend continue.
Price is in an uptrend on the weekly TF, and is making HHs and HLs.
We could possibly see a bounce off the bottom trend line which is confluent with the 61.8 fib retracement area and a continuation of the uptrend.
This move is invalidated by a clean break of the bottom TL followed by a breach of previous HL.
Long on a break of the retracement CTL.
Price moving in the channel drawn on the chart.
Price is respecting the bottom trend line, we could see a 50/61.8 retracement to the top of a channel, followed by a continuation of the down trend.
Neutral, for now.
