ANALYSIS 🔎
- FXSBUSD brokeout above the double bottom (DB) neckline resistance (NR).
- The market hit a swing high and retraced.
- Price is retesting the neckline resistance (flip horizontal support) and key fibonacci retracement zone (0.5 - 0.618 - 0.786).
- There is a relatively high concentration of buyers at the retest zone (High buying pressure).
- The retracement is resisted by the descending trendline resistance (DTR).
- A breakout above the descending trendline resistance (DTR) could be a bullish signal.
BUY ENTRY ⬆️
- Conservative entry : breakout above the descending trendline resistance (DTR).
- Aggressive entry : market price.
TARGETS 🎯
- Horizontal resistance level (R1).
- Horizontal resistance level (R2).
- ATH (All-time high) resistance.
SETUP INVALIDATION ❌
- Breakdown below the 0.786 fibonacci retracement level.
- FXSBUSD brokeout above the double bottom (DB) neckline resistance (NR).
- The market hit a swing high and retraced.
- Price is retesting the neckline resistance (flip horizontal support) and key fibonacci retracement zone (0.5 - 0.618 - 0.786).
- There is a relatively high concentration of buyers at the retest zone (High buying pressure).
- The retracement is resisted by the descending trendline resistance (DTR).
- A breakout above the descending trendline resistance (DTR) could be a bullish signal.
BUY ENTRY ⬆️
- Conservative entry : breakout above the descending trendline resistance (DTR).
- Aggressive entry : market price.
TARGETS 🎯
- Horizontal resistance level (R1).
- Horizontal resistance level (R2).
- ATH (All-time high) resistance.
SETUP INVALIDATION ❌
- Breakdown below the 0.786 fibonacci retracement level.