1W Analysis
As expected the pair headed to re-test the 1W resistance along with its resistance zone but failed to break either of them. If the pair were to follow suit from our previous analysis we could see the pair break both resistance zone and resistance of the 1W descending triangle then head towards the next resistance zone.
1D Analysis
The pair closed as a bullish spinning top after being rejected by the 1W resistance zone but above the 1D resistance turned support zone. A successful bounce off the 1D support zone could case the pair head towards the 1W resistance zone once more and potentially break it. However if the pair fails to gain enough momentum we could see the pair fall towards the support of the 1D ascending channel.
8H Analysis
The pair recently closed within a 8H ascending channel after being rejected by the 1W resistance zone but seems to have bounced off a 8H support zone. The rejection from the 1W resistance zone could be the 4th cycle of the Elliott Motive Wave and the bounce off the 8H support zone could be the start of the 5th cycle. A break below the 8H support could indicate that the 4th cycle of the Elliott motive wave is not yet over and is extended into a corrective wave. However if the pair gains enough momentum we could see the pair break the resistance of the channel and in turn possibly break the 1W resistance zone.
4H Analysis
The pair closed its last candle as a bullish spinning top and the candle prior as a hammer after bouncing off the 8H support zone, this could be an indication of a potential buy. If the pair closes above the last LH structure of the pair we could see a further buy. However a close below the 8H support zone could see a further decline on the pair towards the trend line resistance turned support.
2H Analysis
The pair closed above the 8H support zone and can be seen getting rejected by it after closing its last low higher than the previous which closed within the 8H support zone. This could be an indication of a structural change from LL/LH to HH/HL. A close above the last high could indicate a but heading towards the 1W resistance, whereas a close below the last low could be an indication that the pair could be heading to re-test the resistance turned support of the pennant in recently broke out of.
Conclusion
Monitor the pair on the 2H and 4H timeframe to see exactly what the pair does and how it coincides with the 8H, 1D and 1W in order to make an accurate trading decision.
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As expected the pair headed to re-test the 1W resistance along with its resistance zone but failed to break either of them. If the pair were to follow suit from our previous analysis we could see the pair break both resistance zone and resistance of the 1W descending triangle then head towards the next resistance zone.
1D Analysis
The pair closed as a bullish spinning top after being rejected by the 1W resistance zone but above the 1D resistance turned support zone. A successful bounce off the 1D support zone could case the pair head towards the 1W resistance zone once more and potentially break it. However if the pair fails to gain enough momentum we could see the pair fall towards the support of the 1D ascending channel.
8H Analysis
The pair recently closed within a 8H ascending channel after being rejected by the 1W resistance zone but seems to have bounced off a 8H support zone. The rejection from the 1W resistance zone could be the 4th cycle of the Elliott Motive Wave and the bounce off the 8H support zone could be the start of the 5th cycle. A break below the 8H support could indicate that the 4th cycle of the Elliott motive wave is not yet over and is extended into a corrective wave. However if the pair gains enough momentum we could see the pair break the resistance of the channel and in turn possibly break the 1W resistance zone.
4H Analysis
The pair closed its last candle as a bullish spinning top and the candle prior as a hammer after bouncing off the 8H support zone, this could be an indication of a potential buy. If the pair closes above the last LH structure of the pair we could see a further buy. However a close below the 8H support zone could see a further decline on the pair towards the trend line resistance turned support.
2H Analysis
The pair closed above the 8H support zone and can be seen getting rejected by it after closing its last low higher than the previous which closed within the 8H support zone. This could be an indication of a structural change from LL/LH to HH/HL. A close above the last high could indicate a but heading towards the 1W resistance, whereas a close below the last low could be an indication that the pair could be heading to re-test the resistance turned support of the pennant in recently broke out of.
Conclusion
Monitor the pair on the 2H and 4H timeframe to see exactly what the pair does and how it coincides with the 8H, 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 👍❤
