ONLINE FOREX BROKER
2023-02-16 • Updated
If you've followed my analyses closely for a while now you'll already understand why I always look to the price action on the DXY (US Dollar) chart for clarity on how to approach trading the major pairs. Looking at the chart above, we see clearly the descending wedge leading price off right into the PIVOT demand zone. This means that a bullish reversal may be imminent. A stronger US Dollar means we may be some sharp bearish pullback from most major pairs
GBPUSD price on the Daily timeframe has been tightly sandwiched inside this rising wedge for the past 1-month. As grim as this may sound to some traders, it is actually good news to the other set of traders - like me. Good news because it simply shows that liquidity is being pooled (Accumulated) and to be distributed later to a group of patient, well-sighted traders.
As for me, I will be watching for the reaction from the breakout of the wedge in order to swing into action.
As expected, the wedge scenario has presented itself here on EURUSD as well which means spotting it the first time was not a fluke. My position on EURUSD will be the same as on the GBPUSD above - a breakout of the rising wedge would confirm to me the best course of action. A bearish breakout seems to be most probable though.
The scenario is a lot clearer. AUDUSD has created the same wedge pattern and price can be seen accumulating within the risng wedge. The 200-Day Moving Average just serves as an added confirmation for our bias which at this point should be clearly bearish.
NZDUSD is decidedly the last commodity on this list because it also has the least clarity. The Supply zone seems quite clear, but it is a 'tad' too wide. There is also an absence of any additional confluences. I would personally be watching this for a clear break of structure on the lower timeframes before picking a side.
It is important to understand that the trading of CFDs comes at risk; if not properly managed, you may lose all of your trading capital. To avoid costly mistakes while you look to trade these opportunities, be sure to do your own due diligence and manage your risk appropriately.
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