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AUDUSD Forecast: The extended move has ended. Hey trader, I hope you having a profitable week! The price is about to complete the bearish head and shoulders extended move. It will confirm that after it has closed with a bullish reversal candle pattern that will probably bounce off the Mini Weekly Neckline. The reversal candle pattern may lead to a bullish reversal pattern formation that will start an uptrend probably after its price has bullish broke and retested the 2nd Monthly Key Lvl and 8 MA. If the price bounces off those key levels with a bearish reversal pattern (or candle pattern) after forming the bullish reversal patter, we further drop may to the Monthly H&S Neckline may occur. That's it for today. I hope you found value in this article. If you have a different concept in mind, feel free to share it in the comments section (below), I'd love to know your thoughts! Stay Blessed, Sphatrades.
by Doji-2k1
Will EURUSD Rally or Drop?Talking points EURUSD may face range-bound conditions ahead of the Fed rate decision as market participants wait for the fresh forecast from Fed officials. The price bullish closed in the bearish half a bat pattern after failing to trigger a bearish signal. According to IG, 60% of trader are net short. Fundamental Forecast EURUSD is in a consolidation that's clearing the opening range for September as it holds above the yearly low (0.9864). This pair has been falling as the economic growth outlook for the eurozone continues to deteriorate in the face of the Russian gas shutdown. Inflation has been rising across the region, while the European Central Bank has been slow off the mark to raise rates. Meanwhile, the US Federal Reserve has been raising interest rates quicker and more aggressively. Therefore, the direction of the euro could depend on whether the gap between economic growth and interest rates in the US and Europe continues to widen. Technical Forecast The last price closed in the bearish half a bat patterns 1st level after bouncing off the 2nd Daily Key Lvl to closing in between the short-term moving averages. If you look closely, you'll see a small bullish half a bat pattern (right on the left) that has its neckline form part of the Mini Daily Neckline 2. That is the first signal key level that will produce a bullish uptrend to the Daily Half a Bat Neckline 2 and 50 moving average after the price has bullish broke and retested it right away or after forming another bullish reversal pattern. When the price reaches the key levels and bullish breaks and retests them, that will trigger a signal that will fully confirm the monthly counter-trend. On the other hand, if the price bearish breaks and closes/retests below the 2nd Daily Key Lvl, we'll see a small bearish head and shoulder pattern forming in the main bearish half a bat pattern. The mini head and shoulder pattern will be confirm the half a bat pattern bearish signal and upcoming 2 level trend that will likely end on the monthly's target. Those are three possible scenarios that can lead to a rally or drop Food For Thought A crucial step to take in your journey to becoming a professional trader is discovering your beliefs about the market so that your system will fit those beliefs. You must know yourself well enough to develop your personal objectives and a system that fits those objectives. And you must work on your system until you are comfortable trading it. You must know your criteria for comfort. Most people have many biases against doing it well. To overcome those biases, most people need to take some steps in their personal development. That's it for today, I hope you found value in this article. If you have a different concept in mind, feel free to share it in the comments section, I'd love to know your thoughts! Stay Blessed, Sphatrades. _______________ Be warned This info isn't a recommendation for what you should personally do, so please don't take the data as investment advice. As with any trade, always look first, then leap.
by Doji-2k1
GBPUSD Outlook 18/08/2022From a technical perspective, spot prices now look to the monthly low, around the 1.2000 psychological mark, to offer some support. Bearish traders might need to wait for a convincing break below the said handle before positioning for any further losses. The GBP/USD pair might then accelerate the fall towards the 1.1965-1.1960 intermediate support en route to the 1.1915 region and the 1.1900 round-figure mark. Some follow-through selling would make the pair vulnerable and expose the recent daily closing lows support near the 1.1820 area.
Long
by OAurthor
4
EURGBP Aug W.2: Long-term trend alert!Hi friends, I hope y'all having a profitable week ;) Today, we're looking at a possible long-term trend that has a potential to reward us with +8%. These trade signals are derived from both the monthly and weekly. The monthly price is currently running in the bearish half a bats L1 that has last months price closed with a bearish reversal candle pattern that was followed by the current candle that is retesting the 3rd weekly key level and bearish crossed short-term m.a's to fully confirm the patterns 2 level trend. The weekly, on the other hand, has formed a bearish H&S pattern (that confirms the monthly's previous bearish reversal candle close) that has its price running in its accumulation phase above the neckline after it bounced off the 50 and bearish crossed short-term m.a's, signaling an upcoming 3 level trend. So, the monthly and weekly confirm each other for the drop, however, things can go south, meaning, the drop might not occur. With that said, let us see how the price will prove us right and wrong. Bulls: -If the price bearish bounces off the Weekly H&S Neckline with a bullish reversal candle pattern that leads it to bullish rally to break and retest the 3rd Weekly Key Lvl/Weekly Neckline 3 together with the 50 and bullish crossed short-term m.a's, the price would've formed a bullish reversal pattern (probably a double bottom) that will dis-confirm our trades (proving use wrong). Bears: -If the price bearish breaks and retest the Weekly H&S Neckline (1st trade signal) then continues to drop to break and retest the 4th Weekly Key Lvl (2nd trade signal), that will trigger what I call an "H&S A-E.3 signal" that fully confirms our trades anticipated 3 level trend (proving us right). That's it for today. I hope you found value in this trade idea. If you have a different concept in mind, feel free to share it in the comments section, I'd love to know your thoughts! Stay Blessed, Spha Thwala.
Short
by Doji-2k1
2