GBPUSD bearish weekly reversal candle

4 ott 2018

US dollar strength continues to dominate as Non-Manufacturing PMI dominates beating expectations coming out at 61.6. This shows continued economic expansion. Over on the equities side, amazon voluntarily raised worker wages to $15 an hour ahead of minimum wage. While this is somewhat a surprising move, it is a sign that the US labor market is tightening and worker retention becomes ever more important. However, I approach this pair from a technical standpoint.

Over on the weekly timeframe, two weeks ago we see a huge doji candle that signals the lack of further buying pressure. Last week would've been the most ideal shorting spot, but admittedly I was late in my entry. Over on the longer time frame, I definitely see a foreseeable bearish trend for the weeks ahead. i will be updating this post with lower time frame analysis.

4 ott 2018

Nota

Over on the 4-hour timeframe, this is where my sell entry is. I sold this pair as the 4-hour TF tested a resistance level. This could be viewed as a shorter term intra-day swing trade setup where price has pulled back and made a new low. I essentially sold this pair as price made a relative high again.