1W Analysis
The pair made an upwards move into the resistance zone identified last week before getting rejected and closing as what seems to be a shooting star candle. If the pair fails to gain momentum to re-test the zone we might see it fall towards the support zone identified last week. However a break above the resistance zone would see the pair rally towards the next resistance zone above it.
1D Analysis
The structure of the 1D chart is unchanged, with the last candle closing above the 1D resistance turned support zone even after being rejected by the 1W resistance zone. The pair would need to close below the 1D resistance turned support zone in order for a definite sell to occur.
8H Analysis
The pair can be seen within an ascending channel and seems to have closed its last candle reasonably close to its resistance after bouncing off the 8H support zone. A break above the channel's resistance could see the pair rise towards the 1W resistance zone. A rejection however would see the pair head to re-test the 8H support zone and possibly break below it and head towards the support of the channel.
4H Analysis
The pair closed within a 4H resistance zone and seems to have closed as a hanging man, the candle that follows would need to confirm that the pair is indeed going to decline if not we could see the pair break the 4H resistance zone and ultimately break the resistance of the 8H ascending channel.
2H Analysis
The can be seen within a 2H ascending channel and seems to be creating a HH/HL structure. The structure however seems to have lost momentum as it approached the 4H resistance zone. A close below the last HL would in turn cause the pair to be rejected by the 4H resistance zone starting a new LL/LH structure. However a close above the 4H resistance zone could indicate a further buy.
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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The pair made an upwards move into the resistance zone identified last week before getting rejected and closing as what seems to be a shooting star candle. If the pair fails to gain momentum to re-test the zone we might see it fall towards the support zone identified last week. However a break above the resistance zone would see the pair rally towards the next resistance zone above it.
1D Analysis
The structure of the 1D chart is unchanged, with the last candle closing above the 1D resistance turned support zone even after being rejected by the 1W resistance zone. The pair would need to close below the 1D resistance turned support zone in order for a definite sell to occur.
8H Analysis
The pair can be seen within an ascending channel and seems to have closed its last candle reasonably close to its resistance after bouncing off the 8H support zone. A break above the channel's resistance could see the pair rise towards the 1W resistance zone. A rejection however would see the pair head to re-test the 8H support zone and possibly break below it and head towards the support of the channel.
4H Analysis
The pair closed within a 4H resistance zone and seems to have closed as a hanging man, the candle that follows would need to confirm that the pair is indeed going to decline if not we could see the pair break the 4H resistance zone and ultimately break the resistance of the 8H ascending channel.
2H Analysis
The can be seen within a 2H ascending channel and seems to be creating a HH/HL structure. The structure however seems to have lost momentum as it approached the 4H resistance zone. A close below the last HL would in turn cause the pair to be rejected by the 4H resistance zone starting a new LL/LH structure. However a close above the 4H resistance zone could indicate a further buy.
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 👍❤
