Tuesday, November 14, 2017

GBPUSD - a possible reversal in the upward trend from the breakdown of key levels

GBPUSD - a possible reversal in the upward trend from the breakdown of key levels

From mid-April of this year we have seen the market rally as a local upward trend within the primary multidirectional bearish trend on the weekly chart 'break-line' Chinkou Span broke through price from the bottom up, in anticipation of a sharp and quick break of key resistance levels, but the price stopped near the key level of 1.5929, trying to break it for the second week in a row.

W1 (price on the weekly chart) - state market prices
on week timeframe may be characterized as multidirectional movement inside bearish trend to pivot
the primary uptrend:

  • Tenkan-sen line of Ichimoku indicator
    located above the Kijun-sen line, which indicates the possible continuation of the market rally as a local upward trend on this pair;
  • indicators AbsoluteStrength
    TrendStrength indicator and the indicator suggests the continuation of local upward movement of the price;
  • 'Breakout' line Chinkou
    Span indicator Ichimoku crossed rates bottom up for possible sudden and rapid penetration resistance price levels;
  • 'Reversal' line
    Senkou Span A boundary Ichimoku clouds
    as a virtual boundary between the primary bearish and bullish primary
    trend is higher and close to the price - very close to the key resistance level 1.5929, the breakdown of which the price reverses to the initial downward to the primary upward trend;
  • next key support level 1.5089 (W1).
  • the next key resistance level 1.5929 (W1).

D1 If the price breaks the support level 1.5089,
the primary bearish trend will continue.
D1 If the price breaks resistance 1.5929 urovn,
we will see a change of trend from descending on the primary uplink with secondary multidirectional movement (the price will be within the Ichimoku cloud).
If not, then
the price will move in the channel between the support level 1.5089 and the level of
resistance 1.5929

resistance levels
support levels
1.5929 (W1)
1.5089 (W1)
1.6252 (MN)
1.4565 (MN)

TREND: multidirectional movement inside bearish trend to pivot



No comments:

Post a Comment