Forexity

Forexity Jul 18, 2024

Price has recently rejected support on multiple occasions, and a double bottom pattern appears to be emerging on the daily (D) timeframe. Additionally, multiple rejections on the 4-hour (4H) timeframe further strengthen our bullish bias. I expect the price to continue in a strong upward trajectory. **Rationale:** ~ Breakout of Descending Channel (D) ~ Retest...

Forexity Updated  Jul 9, 2024

Price recently broke out of the daily (D) descending channel. It then pushed up to meet the daily (D) 50% Fibonacci retracement level, converging with resistance. Price then rejected this level and pushed down to retest support before breaking out of the four-hour (4H) downtrend line. Price then pushed up and reached the daily (D) key level and converged with yet...

Forexity Updated  Jun 28, 2024

Price recently broke out of the daily (D) descending channel. It then pushed up to meet the daily (D) 50% Fibonacci retracement level, converging with resistance. Price then rejected this level and pushed down to retest support before breaking out of the four-hour (4H) downtrend line, suggesting strong bullish momentum. Price then pushed up and reached the daily...

Forexity Updated  Jun 28, 2024

Price has recently rejected the daily (D) ascending channel support level. Price then pushed up and broke out of the one-hour (1H) descending channel to form a higher high. Price then pulled back to retest support, forming a higher low. I expect price to continue to the upside. **Rationale:** - Ascending Channel Support (D) - Multiple Rejections - Elliott Wave...

Forexity Updated  Jun 27, 2024

Price has recently broken out of the (D) descending channel. It then pushed up to meet the (D) 50% Fib retracement level and proceeded to the downside to retest support. The price has now broken out of the (4H) downtrend line. I anticipate the price will retest and reject this level of support, and temporarily continue to the upside. **Rationale:** L1: ~ Break...

Forexity Updated  Jun 26, 2024

The price recently broke out of the ascending channel (4H) and went on to retest the recent swing high, creating an Equal High (EQH). It then rejected the wedge (W) and downtrend line (M) resistance convergence and continued to push downward. Currently, the price is converging with resistance and the 38.2% Fibonacci retracement level. We anticipate that the price...

Forexity Updated  Jun 21, 2024

Price has recently rejected this level multiple times. As-well-as multiple rejections and long-wick candlesticks, we have a rounding top chart pattern. I anticipate price will continue to reject this level and eventually breakout of the uptrend line, suggesting a bearish bias. **Rationale:** ~ Area of resistance ~ Multiple rejections ~ Long-wick candlesticks ~...

Forexity Jun 19, 2024

The price recently broke out of the ascending channel (4H) and now appears to have retested resistance. The price seems to be rejecting resistance around 1.27337 and converging with the 38.2% Fibonacci retracement level. It seems to have failed to make a new higher high, forming a lower high instead. I anticipate that the price will continue to move downward. ...

Forexity Updated  Jun 18, 2024

In this analysis, I'm examining a consolidation pattern. Price is showing signs of rejection, and therefore has the potential for (temporary) long positions. AUDUSD has been consolidating within a rectangle pattern (on the 4-hour chart) for some time. Price has previously rejected support on multiple occasions, suggesting it may do so again. We have observed a...

Forexity Jun 17, 2024

I anticipate price will retest (to at least) the recent ascending channel lower band breakout, before continuing to the downside. --- At Forexity: my trading ideas are market predictions and therefore should be viewed as such. As an intraday trader (scalper), I use my observations to identify potential trade opportunities on the higher time frames. I then aim...

Forexity Jun 14, 2024

Overview: Date: 14/06/2024 Symbol: GBPUSD Timeframe: 4H Type: Technical analysis Direction: Bullish (Temporarily) Style: Day trading / intraday . . . We're seeing a rejection at 1.27082. I'll look for a retest around 1.27496. If the price gains momentum or is influenced by economic news, it could reach 1.27833 before hitting strong resistance and moving down....

Forexity Jun 12, 2024

News pushed the price through the resistance level. Expect a potential retest of around this level (1.28214). If resistance becomes support, the price may continue in the direction of the current prevailing trend. However, if the price breaks this support level with momentum, it may reverse. In that case, we'll wait for a retest of support now become resistance...

Forexity Jun 12, 2024

I'm interested to see how price reacts to this strong level of resistance. We see price converging with multiple confluences. I see price reacting to this key level pivoting and completing the weekly wedge A, B, C, D, E pattern to the downside. Downtrend (M) Wedge (W) A, B, C, D, E (W) Elliott wave Triple top pattern (D) Let us know your thoughts, and why?

Forexity Jun 11, 2024

What's your thoughts, up or down? #intraday #scalping

Forexity Jun 2, 2024

I see the price correcting to the current hourly uptrend line. I'm interested to see how the price reacts to that level. Price will either continue to the upside or a breakout to the downside. Will price have the strength to break the monthly downtrend line?