The trend from the higher timeframes is starting to shift and liquidity has been created as price was retracing to the upside. I have drawn a fibonacci retracement tool and this zone is in confluence with previous resistance levels from the left. A nice change of character during london session and stops above the zone will be good for a short position. Incase price breaks the level, there is no setup. The EMAs are not so important because I am trading a flag in this case.
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There was no setup during london but my confirmation has manifested during New York Open
It is a double top scenario around the fibonacci area I drew earlier. DXY has also started showing a change of character. I have a 25 pip stop and SL is at the recent lows. My first TP is at 1.0400. This setup may keep pushing because of its nature.
It is a double top scenario around the fibonacci area I drew earlier. DXY has also started showing a change of character. I have a 25 pip stop and SL is at the recent lows. My first TP is at 1.0400. This setup may keep pushing because of its nature.
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Note; I have correlation from GBPUSD.
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Divergence spotted