News of UK will likely leave EU with Deal has sent gbp through the roof. Not even positive US core retail sales data turn can traders to sell their position. Going forward, expect the momentum to continue and while approaching major supply zone, 2 things can happened, small retracement or the continue. My take is on the 2nd
Market state: uptrend Pull back already happenings after approaching supply which as far back as OCT 18. Expect pull back to resume into next week, with possible retracement to 23.6 or deeper to 50 fib. Due to recent strong fundamental on AUD, scenario 1 is more likely.
Buyers momentum slowing down, sellers getting stronger and we are a daily resistant.
we are at top of range and expecting price to respect existing cycle.
Strong resistant will reject the price normally when buyer is not strong. In this trade i am inclined for only tp1 ~ 35p. OTOH, if seller coming with buyers absence could push price to tp2. cheers
Weakening chf is expected. as big funds moving position from save haven currency due to expectation of trade war is not going to worsen
Rrejection at resistant is expected due to strong gbp will target today’s low again @0.89080”
We have Passed the strong hurdle. Expect further upward momentum with high volume
A range which started in early August finally broken. A big shift in fundamentals, going ahead. Expect the price to go for 1st and 2nd resistant