The pair can be seen inside an ascending parallel channel and seems to be testing its support on the 1W timeframe. The last candle seems to have closed as an inverted hammer.
1W Analysis
The pair is currently testing the support of its ascending channel and last closed as an inverted hammer. Besides the ascending channel the pair can be seen within the descending triangle identified in our previous analysis. We can expect the pair to head towards the resistance of the triangle as it seems to have had trouble breaking below the support of the ascending channel. If the pair does however break below the support of the channel then we can expect it to head towards the support of the descending triangle.
1D Analysis
The pair can be seen on the support of the 1W ascending channel, the last candle closed as a hanging man after the prior candle closed bullish. If the pair fails to close below the 1W ascending channel then we may see the pair head towards the trend line support turned resistance.
8H Analysis
The pair can be seen within a symmetrical triangle and seems to be testing a trend line resistance. The last candle closed as a bullish candle with the prior closing as a bearish spinning top, this might be an indication that the pair might be heading towards the resistance of the symmetrical triangle which would mean that it would break the trend line resistance. If the pair fails to break the trend line resistance then we may see the pair head towards the symmetrical triangle, which if it successfully breaks we may see the pair head towards the 1W support zone.
4H Analysis
The pair can be seen within a descending parallel channel along with the 8H symmetrical triangle. The pair seems to have tested a resistance zone multiple time but couldn't break it. If the pair breaks the resistance zone then it will ultimately break the resistance of the descending channel and head towards the resistance of the 8H symmetrical triangle. If the pair however heads to test the support of the descending channel then it may break the support of the 8H symmetrical triangle, then possibly test the 1W support zone.
2H Analysis
The pair recently broke out of a symmetrical triangle within the 4H descending channel. We can expect the pair to head towards the 4H resistance zone and 4H descending channel resistance, a successful break could see the pair head towards the trend line support turned resistance. However a rejection of the 4H resistance zone and 4H descending channel resistance could see the pair head towards the support of the 4H descending channel which could lead to it possibly testing the 1W support zone.
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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1W Analysis
The pair is currently testing the support of its ascending channel and last closed as an inverted hammer. Besides the ascending channel the pair can be seen within the descending triangle identified in our previous analysis. We can expect the pair to head towards the resistance of the triangle as it seems to have had trouble breaking below the support of the ascending channel. If the pair does however break below the support of the channel then we can expect it to head towards the support of the descending triangle.
1D Analysis
The pair can be seen on the support of the 1W ascending channel, the last candle closed as a hanging man after the prior candle closed bullish. If the pair fails to close below the 1W ascending channel then we may see the pair head towards the trend line support turned resistance.
8H Analysis
The pair can be seen within a symmetrical triangle and seems to be testing a trend line resistance. The last candle closed as a bullish candle with the prior closing as a bearish spinning top, this might be an indication that the pair might be heading towards the resistance of the symmetrical triangle which would mean that it would break the trend line resistance. If the pair fails to break the trend line resistance then we may see the pair head towards the symmetrical triangle, which if it successfully breaks we may see the pair head towards the 1W support zone.
4H Analysis
The pair can be seen within a descending parallel channel along with the 8H symmetrical triangle. The pair seems to have tested a resistance zone multiple time but couldn't break it. If the pair breaks the resistance zone then it will ultimately break the resistance of the descending channel and head towards the resistance of the 8H symmetrical triangle. If the pair however heads to test the support of the descending channel then it may break the support of the 8H symmetrical triangle, then possibly test the 1W support zone.
2H Analysis
The pair recently broke out of a symmetrical triangle within the 4H descending channel. We can expect the pair to head towards the 4H resistance zone and 4H descending channel resistance, a successful break could see the pair head towards the trend line support turned resistance. However a rejection of the 4H resistance zone and 4H descending channel resistance could see the pair head towards the support of the 4H descending channel which could lead to it possibly testing the 1W support zone.
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 👍❤
