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GBPJPY Sell opportunityThe GBPJPY pair has formed an Inverse Head and Shoulders pattern (IH&S), which is typically a technical Bearish Reversal formation. The Double Top initiated the first wave down, where all candles got contained above the 1D MA50 (blue trend-line) causing a 0.5 Fib rebound. Now the formation may see the second wave down. If the Support Zone breaks, we expect a 1D MA200 (orange trend-line) test. A 1D candle close below should be enough to finally test the Higher Lows trend-line for the first time since March 08. -------------------------------------------------------------------------------------------------------- Please like, subscribe and share your ideas and charts with the community! --------------------------------------------------------------------------------------------------------
Short
by TradingShot
6
GBPCAD Rejected on the 1D MA50. Action plan ahead.The GBPCAD pair has been trading within a Falling Wedge pattern, which broke last Thursday to the upside. So far this move has been short-lived as the price got rejected on Friday on the 1D MA50 (blue trend-line) and continues today this trend. While the 1D price action has been on Lower Lows (Falling Wedge's bottom), the RSI has been on Higher Lows, indicating a hidden bullish divergence. The very same divergence was last seen in November/ early December 2021 with the pair trading again within a Falling Wedge. After again a 1D MA50 rejection, the price made an pull-back, then upside fake-out above the 1D MA50, which was still rejected on the Resistance of the previous Lower High, before finally making a Lower Low. That Low led to the true technical break-out that extended as high as the 0.618 Fibonacci retracement level and above the 1D MA200 (orange trend-line). Right now the 0.618 Fib is around 1.66500. Our trading plan is to either buy on the previous Lower Low (around 1.5500) or if the 1.62100 Resistance level breaks first, and target the 0.618 Fib, which by the time will be on or above the 1D MA200, fulfilling the fractal analogy. An alternative to take profit on those buys would be when the RSI hits its Resistance level. -------------------------------------------------------------------------------------------------------- Please like, subscribe and share your ideas and charts with the community! --------------------------------------------------------------------------------------------------------
Long
by TradingShot
1
GBPNZD Emerging Golden Cross targets 1.9830.The GBPNZD pair is close to forming a 1D Golden Cross, which is when the MA50 (blue trend-line) on the 1D time-frame crosses above the MA200 (orange trend-line). That is a technical bullish pattern. As you see on the chart, every time the pair formed a 1D Golden Cross, it traded within a Channel Up pattern and the price rose to the 1.5 Fibonacci extension and then the 2.0. Also the candle action printed a similar formation and they happened to be around the same levels. As a result we expect the price to trade higher within a new Channel Up and target 1.9830 (1.5 Fib) short-term. -------------------------------------------------------------------------------------------------------- ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** --------------------------------------------------------------------------------------------------------
Long
by TradingShot
6
GBPCHF Strong buy opportunityLast time we analyzed the GBPCHF pair was a sell opportunity: This time with a Channel Down having been developed inside the longer term Bearish Megaphone pattern, the price almost hit the Lower Lows trend-line yesterday. With the RSI printing a familiar bottom formation, this is a strong medium-term buy opportunity. The target is the 1D MA200 (orange trend-line), which has been hit during the previous two Lower Highs. -------------------------------------------------------------------------------------------------------- ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** --------------------------------------------------------------------------------------------------------
Long
by TradingShot
5
GBPAUD Trading according to planThere isn't much to update on the GBPAUD pair, as since our last analysis on April 21, the price has been following our plan in a very precise way: As you see, the similarities with the July - October 2020 sequence have paid off and the price action continues to follow that pattern. We are now at the point where the pair is consolidating around the 1D MA50 (blue trend-line), which is used as the pivot point. The Diverging Lower Lows trend-line should provide the necessary Support to sustain this consolidation until the 1D Golden Cross is formed that will start the new rally towards the top of the long-term Channel Down. The ideal buy can be timed when the 1W MACD makes a Bullish Cross. On the other hand, if the Diverging Lower Lows trend-line breaks, be ready to sell towards the bottom of the Channel Down and the -0.5 Fibonacci extension, and then buy for the long-term. -------------------------------------------------------------------------------------------------------- ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** --------------------------------------------------------------------------------------------------------
by TradingShot
1
GBPUSD Sell as long as it fails on the 1D MA50The GBPUSD pair has hit our Target of the previous analysis, breaking in the process that Bearish Megaphone pattern to the downside: Right now a new Bearish Megaphone has been formed with the price trading sideways near the 1D MA50 (blue trend-line) after failing to break it on the May 27 High. Basically the price has been trading below the 1D MA50 since February 24, so that is an important Resistance level. As long as it holds, the pattern should target the 2.5 and 3.0 Fibonacci extension (1.1880 and 1.1505 respectively). A break and 1D candle close above the 1D MA50 though should be enough to kick-start a medium-term rise to the 1D MA200 (orange trend-line). As for the long-term, only a break above the Lower Highs trend-line that started one year ago in June 2021, can accumulate a wave of buyers and sustain a new bullish trend. Note that if you are looking for a confirmed sell, wait until the 1D MACD makes the new Bearish Cross. It has been a very accurate signal for over 1 year. -------------------------------------------------------------------------------------------------------- ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** --------------------------------------------------------------------------------------------------------
Short
by TradingShot
2
GBPJPY Long-term buy opportunityThe GBPJPY pair has been trading on a long-term Fibonacci Channel pattern as we outlined in our last analysis two months ago. Since May 12, the price is on a strong rebound having hit the 1D RSI Buy Zone. With the prior top resembling those of August 2020 and March 2021, the pair is more likely to extend this rise either instantly or less aggressively, as long as the 1D MA50 (blue trend-line) is supporting. In either case, the Target should be at least the 2.0 Fibonacci extension of the Channel or at least when the 1D RSI enters its Sell Zone. -------------------------------------------------------------------------------------------------------- ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** --------------------------------------------------------------------------------------------------------
Long
by TradingShot
4
British Pound / US DollarBy examining the situation of the trend in the timeframe of one hour from the last nine days, we see the continuation of the uptrend under a convergent pattern. This convergent pattern indicates that traders are ultimately inclined to grow the pound despite the hesitations in the market. There was no particular movement today in the London trading time, which indicates that the market is waiting for more data, which will be the case tomorrow. Since mid-Friday, the trend has been enclosed in an incremental angle pattern that will break one of the oscillating sides in the same direction as the base of the pattern.
by MonoCoinSignal
9
EURGBP New Channel Up aiming at 0.87500The EURGBP pair has formed a Channel Up since the March 07 2022 bottom as on May 06 2022 it broke above both Lower Highs trend-lines of the 2021 correction, practically confirming the shift from the bearish trend to the bullish trend on the long-term. The 1D MA50 (blue trend-line) and the 1D MA200 (orange trend-line) have successfully formed a Support zone as the former held on the latest Higher Low of the Channel Up on May 17. We should now see a Higher Higher at 0.86500 and after the profit-taking pull-back, a new HH around 0.87500. -------------------------------------------------------------------------------------------------------- Please like, subscribe and share your ideas and charts with the community! --------------------------------------------------------------------------------------------------------
Long
by TradingShot
6
GBPCAD Strong buy opportunity for the rest of the year.Back in February, which was our last GBPCAD idea, the pair was trading within a Channel Down that offered us an accurate sell trade: Since then, the pattern broke to the downside and the pair now sits at more than -9% from its February 21 High. This however gives a new high probability pattern on the long-term as both the price action on the 1D time-frame and the 1D RSI suggests that it may be replicating the sell-off sequence of May 06 2019 - August 09 2019. That fractal bottomed after dropping around -10.50%. If however the price enters the red Ichimoku Cloud first, it will turn into a sell opportunity on the spot. In that case you can use the Fibonacci retracement levels as shorter-term targets (see how those got systematically filled with Higher Highs during the 2019 recovery) but on the long run, we do expect the 1.7378 Resistance to get hit. Draw the Fibonacci levels from the -10.40% level if the price doesn't enter the Ichimoku first. -------------------------------------------------------------------------------------------------------- ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** --------------------------------------------------------------------------------------------------------
Long
by TradingShot
5
Euro May Be Readying to Reverse Against British Pound Post BoEThe Euro may be readying to push higher against the British Pound in the aftermath of Thursday's Bank of England monetary policy announcement. There, it was revealed that two policymakers seemed further hiking as 'not appropriate'. EUR/GBP has been steadily falling since 2020, with recent months on the premise of a more hawkish BoE compared to the European Central Bank. This could be changing... EUR/GBP cleared a falling trendline from September, as well as taking out the March high. That has exposed November and September 2021 levels before the 0.8695 - 0.8731 resistance zone nears. FX_IDC:EURGBP
Long
by QM_Dubrovsky