Based off of an engulfing Weekly candle, a fib retracement to 50% with a stop behind 38. Aud in other pairs with potential to move up and most GBP pairs set to move down.
This trend has been in this channel for a very long time. It seems to be respecting both side lines with reversals or hesitation in the middle. This is a good pair to watch for eventual break as when it breaks it has the potential to move very far. However on previous breaks it has jumps back into the channel or returned to the downtrend. With China becoming...
There is a long term monthly downtrend that has been hit several times. We are again retesting this place within a recent time frame. There is also confluence resistance from a slow moving upward trend on the Daily.
