The market is in a bullish ascending channel
, this assessment is confirmed by the 200 EMA's position on the 4hr time frame as well as the Daily time frame. The recent price action is currently respecting an ascending support line and approaching a level of key resistance which has a confluence with the 20 & 50 EMA
. This area of confluence may indicate a strong buy position, which may be confirmed by the crossing of the 20EMA upwards of the 50EMA and a retest of the area of resistance. Furthermore, if this analysis comes to fruition, this area of confluence will allow for a tight stop loss to be placed. Optimising the R:R. There is upwards potential of 40
pips, up to next level of key resistance.