1W Analysis
The pair closed its previous candle below the 1W trend line support and seems to be testing the 1W support zone. A break below the support zone could indicate a further sell towards the next zone. A break above the trend line support turned resistance could see the price rally towards the 1W support turned resistance zone.
1D Analysis
The pair recently broke out of a pennant and previously closed within the 1W support zone. A rejection from the 1W support zone could see the pair head to re-test the support turned resistance of the pennant.
8H Analysis
The pair recently broke out of descending channel and seems to be getting rejected from the 1W support zone. The previous candle closed as bullish spinning top so it might be an indication that the pair might be heading for a re-test of the channel.
4H Analysis
The pair last closed as a spinning top just like on the 8H timeframe, a close of the current candle above the 1W support zone might be the confirmation for a buy till the pair re-tests the 8H channel.
Conclusion
Monitor the pair on the 4H and 8H timeframe to see exactly what the pair does and how it coincides with the 1D and 1W in order to make an accurate trading decision.
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The pair closed its previous candle below the 1W trend line support and seems to be testing the 1W support zone. A break below the support zone could indicate a further sell towards the next zone. A break above the trend line support turned resistance could see the price rally towards the 1W support turned resistance zone.
1D Analysis
The pair recently broke out of a pennant and previously closed within the 1W support zone. A rejection from the 1W support zone could see the pair head to re-test the support turned resistance of the pennant.
8H Analysis
The pair recently broke out of descending channel and seems to be getting rejected from the 1W support zone. The previous candle closed as bullish spinning top so it might be an indication that the pair might be heading for a re-test of the channel.
4H Analysis
The pair last closed as a spinning top just like on the 8H timeframe, a close of the current candle above the 1W support zone might be the confirmation for a buy till the pair re-tests the 8H channel.
Conclusion
Monitor the pair on the 4H and 8H timeframe to see exactly what the pair does and how it coincides with the 1D and 1W in order to make an accurate trading decision.
If you liked this analysis make sure to give us a thumbs up, leave us a comment and make sure to follow us for future ideas 👍❤