DOLLAR LOOKING LIKE IT MIGHT START A PUSH UP COMBINED WITH RECENT UNCERTAINTY IN STOCK MARKET AND A NEARING ELECTION. A POSSIBLE RISK-OFF ENVIRONMENT WOULD BE NEGATIVE FOR EMERGING MARKETS
LIGHT POSITIONS WIDENED STOPS CAN HELP WITH VOLATILITY
If markets go risk-off i think this can be a great opportunity to capture a move to the downside on this pair. Although a short squeeze is also very possible considering central bank stimulus around the globe.
Proceed with caution.
PRICE HAS BEEN IN CONTRACTION PHASE FOR ABOUT A MONTH EVER SINCE THAT BIG DOLLAR MOVE ITS ALWAYS A BIT RISKY WHEN TRADING RANGES BUT WE ARE CURRENTLY APPROACHING SUPPORT OF A TRIANGLE FORMATION
COULD BE A GOOD AREA TO LOOK FOR PRICE ACTION TO DICTATE NEXT SHORT TERM MOVE
IF SUPPORT HOLDS WE CAN SET TARGETS AT PREVIOUS HIGHS OR TOP SLOPE RESISTANCE
IF SUPPORT...
Overall long term trend down
This pair has been trading in a range for the past month at the moment we have reached top of the range for a 3RD time while also creating a LH
Good short opportunity with some good R/R and confluence
Remember keep it simple you can't predict the market focus on the only thing you can which is losses... SO SET STOP / DONT OVER LEVERAGE
BEST PLACE TO OPEN BUY 1.1310 - 1.1290 ( BOTTOM OF BULLISH TRENDLINE AS WELL AS THE 38.2% FIB FROM THE 2016 HIGHS TO THE 2016 LOWS)
S/L @ 1.1260
USE SMALL LOT REMEMBER ANY PAIR WITH GBP IS STILL VERY RISKY ATM DUE TO THE BREXIT ISSUE
symmetrical triangle this pair might be trading between 111.0 - 108.0 range for the coming weeks until we break out and see a big move to those 2015 highs or down to the 2016 lows
imo i feel pretty bullish for now
Happy Trading ;)
Yesterday we saw the dollar weaken as a result this pair soared to those 1.1500 levels and we were brought back down due to that strong resistance zone where we were stuck all late last year. I believe that we will go back up break or at least test those levels again. Especially with NFP coming up tomorrow which imo will not be good for the dollar i really think...
with the fomc news coming out in a few minutes and like most of you may know it is very likely to be dovish i see usd bulls gaining a bit of momentum and pushing uj back up to those 109.9 levels
wait for pull back down to our trend line/fib level. We should fill that wick that came to our fib level in the next couple hours. Not to confident we will break through that 109.85 level so i would take profits there.
New to the forex community just started real trading for about a month now so take this with a grain of salt. This is mostly to get feed back from experienced traders.
1. i see a possible IH&S forming
2. doji on last weeks candle
3. 38.2 fib retracement
