Even has the Greenback fell during the trading session on Friday, but the structure evolving at the reveals signs of life again hereby making it difficult for me to short this market!
Tendency: Uptrend ( )
Structure: Breakout | | Trendline | (AB = CD)
Observation: i. In the last 9 days, the Trendline structure reveals the prevailing direction of price action.
ii. applied to the highs and the lows of price action insinuate a well deserved which gives a positive bias for a momentum in the coming week.
iii. The significant Breakout of Key level @ Y110.130 on the 16th of June 2021 expresses the strength and capacity of the Buyers at this juncture in the market as the level (Y110.130) which resisted price prior to the Breakout appears to become a new level of Demand @ .
iv. With this set-up, I am looking forward to an transition with parameters explained below;
a. Impulse A-to-B is expected to be in harmony with the potential C-to-D leg.
b. The B- to-C leg is at 78.6% of the A-to-B leg.
c. The C-to-D leg is expected to fall within 127.2 – 1.414% Fib. ext . of the A-to-B @ 111.200 area.
v. With the new coinciding with the possibility of a continuation, It is advisable to stick to buying opportunity above Key level @ Y110.130… Trade consciously! :)
Trading plan: BUY confirmation with a minimum potential profit of 100 pips.
Potential Duration: 2 to 5days
NB: This speculation might be considered to make individual decisions on the lower timeframe.
Watch this space for updates as price action is been monitored.
Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
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