Dislikedthe longer term view..i get is this will break upwards..1.54 possible if that crosses 1.60 is on ..i see no reason at all for this to sink..lets see how it plays out
(if 1.60 crosses then we are heading up and US is in big trouble)Ignored
Support to resistance is how I prefer to see, say, profit and play. Currently we are at a point of resistance, actual top showing as 1.5214. If we see NY challenge this line, London could very well break through. IF we see NY challenge this line, we could very well see London tap it the second time and crush it down.
Assumption has lead lots to certain market death. A lot feel they have to be in the play even when it has gone long past reasonable money management strategies.
There will be resistance at this line. There is no question. We will most likely not crush through on the first attempt, even with the Massive strength of GJ shown in previous charts, they failed here as well.
I am not saying we don't go through, that remains to be seen, what I am saying is that until we do see this as support, why assume it will be?
Look at the last time we hit this line. Dead Stop. Massive reversal, challenge the monthly lows.
Anyways....
Other chart that I use for cross corelation is USDCAD. The US is already in trouble, no question there. But here too, if you look at the H4, we could see the same. A double tap on bottom, retrace. IF you look at these 2 charts comparatively, you will see, when USDCAD is on the rise, Cable is on the fall.
IF USDCAD double taps here, and goes back on the rise, Cable could easily go back to fall.
There are a lot of crucial points that we will be witness to over the next couple of days, playing with caution will get gains, playing under assumption could lose you your chips.
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