Yellow zone acted as support and the pair went higher as expected. It did not quite reach the target area (green zone) because it stalled when it reached the range of the initiation period (i.e. range of the first week of the month). That signaled a retest of prior week high and so it did. Closed the week above midpoint.
Next Week Outlook
Upside target area (green zone) is still in play. Reaction at that area will tell us if further continuation to the upside is possible.
Best case scenario for long side is that the pair does not even pause at the green zone, that implies 1.63+ is in play.
If the pair stops at the green zone with a 1-2-3 sell visible on 4 hour, previous week low (yellow zone) will be tagged quickly and an attempt to run back down to 50% downside expansion target (red zone) is likely.
Lawrence's Comment
Recap
ES gap lower to start the week from long term support zone where the major open gaps are. ES found support there and launched a rally straight back up ...
For more information about this report please refer to the Market Bias Informant pageTrading day for Forex symbols start at around 5 pm ET depending on Daylight Saving Time schedule
For more information about this report please refer to the Market Bias Informant pageTrading day for Forex symbols start at around 5 pm ET depending on Daylight Saving Time schedule
For more information about this report please refer to the Market Bias Informant pageTrading day for Forex symbols start at around 5 pm ET depending on Daylight Saving Time schedule
Lawrence's Comment
Recap
First half of the week showing signs of reduced range and consolidation behaviour. Then the spike up to challenge Y-0 failed, led to all out melt down. NQ could ...
Lawrence's Comment
Recap
Consolidation as expected in tight range. Cable simply sit at equal distance from Y-0 waiting for something to move it. Closed the week near Y-0 and midpoint.
Outlook
Inside ...
GBPUSD Jan 24th to 28th Outlook
Recap of Last Week
Yellow zone acted as support and the pair went higher as expected. It did not quite reach the target area (green zone) because it stalled when it reached the range of the initiation period (i.e. range of the first week of the month). That signaled a retest of prior week high and so it did. Closed the week above midpoint.
Next Week Outlook
Upside target area (green zone) is still in play. Reaction at that area will tell us if further continuation to the upside is possible.
Best case scenario for long side is that the pair does not even pause at the green zone, that implies 1.63+ is in play.
If the pair stops at the green zone with a 1-2-3 sell visible on 4 hour, previous week low (yellow zone) will be tagged quickly and an attempt to run back down to 50% downside expansion target (red zone) is likely.
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