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Psychologicallevel

GBPAUD - Another Push DownWe saw some bearish movement on GBPAUD yesterday however it appears a weak AUD caused a bullish reversal in the pair overnight. (I am currently in UAE timezone) At the time of writing, the London session has just begun & we see price action indicating that another move down may be imminent. I observe a bearish doji followed by what appears so far to be an aggressive bear candle (lets see how this hour closes!). Price appears to have rejected the 1.80 psychological level also. I am aware price appears to have broken the downtrend however if we observe a closure within the trendline then I will classify this as a fakeout. We can then look for short entries to ride priced down to the previous swing low at around the 1.78200 level.
Short
by MMQ_FX
GBPUSD - BullishGBPUSD in a significant uptrend, with the pound showing strength today across the board. D1 timeframe illustrates the overall bullishness more obviously. Price has managed to close above the H1 100 and EMA, and so 1.4000 seems reasonable to reach at some point today. As illustrated on the chart, the 1.4000 psychological level is acting as a noticeable area of support/resistance. If momentum can break this then I believe we can move much higher. the 1.40857 area then appears to be the next level to watch. Let's see how this plays out!
Long
by MMQ_FX
EURUSD - Huge Swing Potential!I have been waiting on this set up for a while now so I'm hoping the wait will have been worth it! Current market price at time of writing is 1.19450. Huge swing trade set up here on EURUSD. Price has been so bullish over the last week due to USD's weakness and I did anticipate it reaching the yearly high at the 1.20 psychological level (2020's highest price.) which it has. I am religiously seeking out these strong levels in my trading due to their reliability to make strong rejections. As anticipated, price has begun to reject and start to sell off. We also have a falling wedge pattern that should break, if momentum can sustain. If so, we could see a nice swing trade down to the bottom of the range in the 1.16000's The risk to reward ratio on this trade is excellent, stops can be placed above the psychological level around 1.20200 which is little risk for such a great potential reward. Let's see how this plays out! if price does return to the 1.20's then I won't be too disheartened as the R:R here is too good to miss!
Short
by MMQ_FX
19
EURUSD - Head and ShouldersA head and shoulders pattern appears to have formed on the EUR/USD H1 timeframe. (Illustrated with L/H/R annotations) The neckline of this pattern rests on the 1.18 psychological level. I believe, upon breaking this we should see a push down to the July-November swing low at around the 1.16 psychological level. EURUSD appears to be respecting these levels very well as I have noted on my chart. Waiting for a clean break of the 1.18 with some strong selling momentum to confirm continued bearishness. Fundamentals this week will likely be the catalyst if so. Stops can be placed above the right shoulder - great R:R on this nice potential swing trade!
Short
by MMQ_FX
5
Pullback To The Upside???Welcome back traders. Share My Analysis If You Agree :) Despite the big push to hell, Gold has been consolidating all week. Price found a strong level of support near $1875, which just so happens to be a key psychological level. A correction has to be made before another push to the downside. I predict a rally towards $1895 following a breakout of the zone around $1884 and a new high. Bullish momentum could lose steam along the process, so I applied a resistance level that showed dominance on the Daily Time-frame. ($1891) Comment Your Bullish or Bearish ideas on Gold
FOREXCOM:XAUUSDLong
by lobfxempire
EURUSD - Multiple Bearish Technical and Fundamental Confluences EURUSD is currently extremely bearish. From a fundamental perspective the rising Covid cases in the Eurozone are weighing heavily on the Euro, which can be observed across most EUR pairs. Technically on EURUSD here we have a broken head and shoulders neckline in addition to a break of the 1.17000 psychological level. The next support zone on EU is around the 1.16100 level, September's low.. I can't see much stopping the fall if the fundamental pressure on Euro continues.
Short
by MMQ_FX
1
USDJPY - Break & retest of the 106 psychological level completeLast month we saw the break of the all important 106.000 psychological level support zone. Price had recovered from the subsequent drop in price, however I believe we are experiencing a break and retest scenario of 106 and will see further decline back to the previous swing low, at least, if not further. Yesterday's daily closure signified a slowing in bull momentum (long upper shadow/wick) which I anticipate will be the reversal point for the incoming drop. Price is consolidating on the lower timeframes so I will be monitoring closely in hope of a break to the downside.
Short
by MMQ_FX
AUDUSD| WHEN TO SELLGood Afternoon Traders, A couple scenarios for you all, potentially we are in ascending channel as illustrated by the dotted trend lines, the highlighted area is my area of interest will Price action push into this area and reject or will we get a strong bullish candle close, ideally for me if we do ill be looking for a further push out of that area and a potential entry, given that price action confirms it. alternatively, we could correct to the side as illustrated and potentially to the upside completing a larger channel or it could start spilling out to side, we will wait for price action to confirm what it wants to do. Let me know your thoughts.
by NK008
EURJPY - Break to Daily low?EURJPY downtrending on higher TF with yesterday's daily candle (spinning top) indicating slowing momentum from last Thursday's bull run (up from a 3 year daily low) and a potential reversal. Further indication of this is the observed rejection of the D1/H4 downtrending TL. On H1 we observe price being supported at the 116 psychological level. I am anticipating a break and potential retest of this level to go short. Targeting the daily low for a potential 150 pip move.
Short
by MMQ_FX
1