Recap The week one for the week again. Pulled back to right below Y-0 and then collapsed down to almost Y-2. Closed the week near week low and below Y-1.
Outlook As mentioned last week cable can stage a bottom around Y-2 zone because of strength in higher timeframes.
It is getting complex here with the chart patterns.
A fast and decisive bounce to above B-0 will tell us that the drop is a pullback and we should focus on long side until Y+1 is retested again.
A drift back up to B-0 or even B+1 slowly points to further downside is coming. It implies that we are witnessing a higher timeframe reversal to the downside on weekly and monthly.
Lawrence's Comment
Recap
Looks almost exactly like Dow. See Dow comments for recap.
Outlook
Bullish scenario - if Y-1 acts as support, we get B+2.
Bearish scenario - measured move target from week low ...
Lawrence's Comment
Recap
BOJ and Japanese government did not know what to do in the beginning of the week after its big corporations told them it is not a good idea to ...
GBPUSD Oct 14 to Oct 18 Outlook
Lawrence’s Comment
The week one for the week again. Pulled back to right below Y-0 and then collapsed down to almost Y-2. Closed the week near week low and below Y-1.
Outlook
As mentioned last week cable can stage a bottom around Y-2 zone because of strength in higher timeframes.
It is getting complex here with the chart patterns.
A fast and decisive bounce to above B-0 will tell us that the drop is a pullback and we should focus on long side until Y+1 is retested again.
A drift back up to B-0 or even B+1 slowly points to further downside is coming. It implies that we are witnessing a higher timeframe reversal to the downside on weekly and monthly.
Bearish scenario stays until invalidated.
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