About forex and congestion
My precluding-term, GBPUSD short setup was challenged yesterday with a euro recovery to 'catch up' with the Friday's risk rally that hoisted the S&P 500 and AUDUSD higher. The series of cut highs on the 120min chart I was using as the framework for a deeper complicated correction on the cable broke as all the European currencies rose in rapport to the euro's efforts.
What's more, currencies are uncover to periods of congestion and trends. However, the very nature of a 24-hour vend that is driven by broad macro factors
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Sustenance comes at 1.6300-the last swing low, and an area we have seen congestion at in the days. Short-term support is being found at the 100-Day SMA at |
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A move above targets the 61.8% retracement at 6559 (reinforced by circled congestion). Like the AUDJPY, a new heinous could complete a diagonal from 6332. |
