Price action has corrected 85% since mid November, a number of reasons now exist to have long exposure. They include: 1) Price action and RSI resistance breakouts. 2) Regular bullish divergence. Look left. 3) Falling wedge confirmation forecasts circa 550% extension. Is it possible price action continues correcting? Sure. Is it probable? No. Ww
The GBP/USD pair has reached a critical resistance area around 1.2658, aligning with the 1.13 Fibonacci extension level of the harmonic Gartley pattern. The price action suggests potential exhaustion in the bullish trend, with signs of rejection near this level. A confirmed reversal could lead to a corrective move towards key support zones at 1.2456 and 1.2320. However, if the pair sustains above 1.2685, further upside towards 1.2732 and the HOP level at 1.2843 remains possible.
GBP/USD: Simple Trading Tips for Beginner Traders on February 24. Forex Trade Analysis Analysis of Trades and Trading Tips for the British Pound The test of the 1.2655 price level occurred when the MACD indicator was just starting to rise from the zero mark, confirming a strong entry point for buying the pound. However, as shown on the chart, the pair did not experience significant growth, leading to locked-in losses. The relatively modest data on UK manufacturing PMI and services PMI limited the pound's growth on Friday. Nevertheless, the overall outlook for the pound remains positive. Despite fluctuations, it continues to receive support from big buyers, even in light of expectations for Bank of England rate cuts. Today, the market will focus on the rhetoric of BoE representatives regarding inflation and the future outlook for interest rate hikes. Investors will look for hints about how quickly the BoE intends to ease its tight monetary policy. More hawkish statements, implying a longer period of high rates, could support the pound, while dovish signals indicating imminent rate cuts may lead to its weakening. Of particular interest is Swati Dhingra's stance, known for her cautious approach to rate hikes. Her comments will be closely analyzed for any potential shift in her position influenced by the latest economic data. Any change in her rhetoric could significantly impact market expectations. For intraday strategy, I will focus more on implementing Scenarios #1 and #2.
Current Market Structure: #RUNE has been in an accumulation phase after a prolonged bearish trend. The price is consolidating, forming a potential Wyckoff Accumulation pattern. No further bearish signs are present except for the previous break of a strong support level. Key Levels to Watch: ? Support: $0.788 (previous level) ? Resistance: $2.5 (breakout zone) ? Accumulation Range: $1.13 – $1.6 Trading Plan: ? A confirmed breakout above the resistance level will signal the start of a bullish trend. ? Ideal long entry on breakout with a retest confirmation. ? Stop-loss below accumulation range to minimize risk. ? Targeting $7 as the next resistance level. What do you think? Will #RUNE break out soon, or are we in for more sideways movement? Share your thoughts in the comments! Like & Follow for more trade setups and insights!
Introducing our new short future indicator. while BTc is down, alt follow the bleed and 7-star catches it. with 7-star you don't have to worry about the state of the market. DYOR For indicator access drop a message
We see a triangle pattern and bullish consolidation on the Gold H4 chart. The bulls are strong enough to reach the 3012 level. We are waiting for a bullish signal on a smaller timeframe to enter a long position.
The GOLD (XAUUSD) index pair price action sentiment appears bullish, supported by the longer-term prevailing uptrend. The recent intraday price action appears to be an overbought consolidation after reaching the all-time high on 20th Feb ‘25. The key trading level is at the 2920 level, the consolidation price range and also the current daily pivot level. A corrective pullback from the current levels and a bullish bounce back from the 2920 level could target the upside resistance at 2955 followed by the 2968 and 3000 levels over the longer timeframe. Alternatively, a confirmed loss of the 2920 support and a daily close below that level would negate the bullish outlook opening the way for a further retracement and a retest of 2890 support level followed by 2880 and 2663. . This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
Only Level in our trading rant today? 35EMA. Don’t underestimate it. Support at 214 Don’t forget to grab the chart and lets goooo…
https://www.tradingview.com/x/AWSKZNr1/ I see a nice inverted head & shoulders pattern on NZDCAD on a daily time frame. Its neckline was broken on Thursday last week with a high momentum bearish candle. Probabilities will be high that the price will rise after its retest. Goal - 0.82 ❤️Please, support my work with like, thank you!❤️
50 Day moving average and 1hr 200MA underneath us. That’s a nice reinforced support level. At least on the day. Bottom of the implied move today is 520 That is a level on the day - and the next support is 513 Don’t forget to grab the chart and let’s go….