Technical Analysis | Sharp Trader

GBP/USD- Bullish sentiment still strong

The GBP/USD dollar pair is trading above its upward trend line on a 4 hour time frame. This confirms that the upward trend is still intact and the bulls are in control of the price. The price has also formed a symmetrical triangle pattern. These patterns usually break in the direction of the trend. The…

Technical AnalysisBy sharptrader

GBP/USD- Under the selling pressure

The GBP/USD has formed a complex reverse head and shoulder pattern on a 60 minute time frame. The pattern is one the most successful bullish pattern and if it does completes its projection, we could easily see the price above the major resistance mentioned below. However, the pattern does have a lot of violations so far such…

Technical AnalysisBy sharptrader

EUR/USD- Selling pressure slowing down

The EUR/USD is trading below the downward trend line on a 120 minute time frame. The price is also trading in a downward wedge pattern which is a bearish pattern. The volatility for the pair is low as we do not have any extended or explosive candle formed. However, the RSI is trading is showing…

Technical AnalysisBy sharptrader

USD/JPY- In a Support Zone

The USD/JPY is trading in a support zone on a 60 minute time frame. The price is trading below the 50 day (shown in green) and 100 day (shown in yellow) moving average, which means that the bears are in control of the price. However, we do have a small piercing of the Bollinger band…

Technical AnalysisBy sharptrader

EUR/USD- Under major pressure, but the upward move could be on card

The EUR/USD is under tremendous selling pressure this morning. The pair is still trading within the downward channel on a 60 minute time frame. The price has broken its minor support zone, but there is a major support zone just below that. We also have the piercing of the Bollinger band which means that the…

Technical AnalysisBy sharptrader

EUR/USD- Trading in a downward channel

The EUR/USD is trading in a downward channel on a 60 minute time frame. The price is trading below the 50day (shown in green) and 100 day (shown in yellow) moving average, which means that the bears are still in control of the price. The volatility for the pair is low as it is trading…

Technical AnalysisBy sharptrader