-On higher timeframes we are in correction of uptrend which has a descending channel as correction pattern -Descending channel inside descending channel also on intraday timeframes (both inside high TF channel) -So we have strong timeframe confluence here with very good probability of price going up at least to beginning of correction -Two possible positions...
OANDA:GBPUSD GBPUSD broke support on the 1H. It is currently making a possible retest around the 50%-61.8% fib retracement level. A bearish reversal candle will give us a confirmation for a sell setup on GBPUSD.
OANDA:AUDUSD Expecting a bearish movement on AUDUSD with price breaking structure on the 1H. On the DAILY and WEEKLY timeframes a long wick(shooting star candlestick) formed on a major/key level of resistance. Price also broke support and is making a retest
Reasons for bullish bias: -Very strong timeframe confluence -Bullish trend on daily timeframe -Bullish trend on hourly timeframe -Break of 1H & 15min local downtrend -Bullish price action on 1H & 15min timeframe -Rejection from below at daily key level area Confirmations to look for: -Break & retest of local downtrend on 1min timeframe -Higher low & higher high...