1W Analysis
The pair recently broke back into the symmetrical triangle and seems to be testing its support. A break below the support could see a further decline in the pair. If the pair fails to break the support we may see it break the symmetrical triangle resistance and head towards the trend line support turned resistance.
1D Analysis
The pair recently broke the support of a 1D symmetrical triangle along with a trend line support, with the last candle closing as a doji above the 1D support zone. A break below this support zone would indicate a further decline in the pair, a break above the trend line support turned resistance might indicate a rally might occur. Ideally the candle proceeding the doji should be doji for a rally to be plausible.
8H Analysis
The pair recently broke out of a 8H symmetrical triangle and currently closed above the 1D support zone. The last candle closed as a doji which might be an indication for a potential buy. If the candle proceeding the doji closes bullish it might be an indication for a buy position and a rejection from the 1D support zone. The pair breaking below the support zone may cause a further decline in the pair.
4H Analysis
The pair can be seen within a descending parallel channel. A break above would indicate a rejection of the 1D support zone whereas a break below could result in the break of the 1D support zone.
2H Analysis
The pair last closed as a marubozu open and seems to be heading towards the 2H resistance zone. A break above the resistance zone could result in a rally in the pair, whereas a rejection could see the pair break the 1D 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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The pair recently broke back into the symmetrical triangle and seems to be testing its support. A break below the support could see a further decline in the pair. If the pair fails to break the support we may see it break the symmetrical triangle resistance and head towards the trend line support turned resistance.
1D Analysis
The pair recently broke the support of a 1D symmetrical triangle along with a trend line support, with the last candle closing as a doji above the 1D support zone. A break below this support zone would indicate a further decline in the pair, a break above the trend line support turned resistance might indicate a rally might occur. Ideally the candle proceeding the doji should be doji for a rally to be plausible.
8H Analysis
The pair recently broke out of a 8H symmetrical triangle and currently closed above the 1D support zone. The last candle closed as a doji which might be an indication for a potential buy. If the candle proceeding the doji closes bullish it might be an indication for a buy position and a rejection from the 1D support zone. The pair breaking below the support zone may cause a further decline in the pair.
4H Analysis
The pair can be seen within a descending parallel channel. A break above would indicate a rejection of the 1D support zone whereas a break below could result in the break of the 1D support zone.
2H Analysis
The pair last closed as a marubozu open and seems to be heading towards the 2H resistance zone. A break above the resistance zone could result in a rally in the pair, whereas a rejection could see the pair break the 1D 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 👍❤
