113.121 level served as a critical SZ in the past to open the gates for bulls to take the price further higher as we come to the close of 2018. After price wicked 113.121 my bias remains strongly bullish as long as we maintain above 113.029 level. However, do not be oblivious of the fact that price is moving in an upward rising channel which highlights the continued struggle between the bulls and bears but the bulls coming in strongly due to price moving in a series of HHs and HLs within the channel. A catalyst for the potential up move is the Feds interest rate decision this coming Wednesday and the markets are anticipating a rate hike for the final time this year.
In the days leading to this we could see:
1. Price falling to the nearest demand zone( in this case 112.436) for institutions to take the discounted price and finally complete their order block on this level.
2. Markets price in the expected 'rumors' and just continue forming HHs and HLs up to the policy meeting after the announcement.
All in all let price action lead the way, adapt and attack irrespective of the outcome
In the days leading to this we could see:
1. Price falling to the nearest demand zone( in this case 112.436) for institutions to take the discounted price and finally complete their order block on this level.
2. Markets price in the expected 'rumors' and just continue forming HHs and HLs up to the policy meeting after the announcement.
All in all let price action lead the way, adapt and attack irrespective of the outcome
Order cancelled:
Price isn't moving as anticipated due to multiple wicks on and even below the demand zone
AS revealed, scenario 1 played out with price finding support at the demand zone. We are still in bullish territory as long as price remains above the 112.436 area. From here, i'm looking to see a break of 112.645 and a further 112.891 as confluence for bullish momentum coming back