PRICE RESPECTED DAILY TREND STRUCTURE PLUS FINDING SUPPORT FROM KEY 113 LEVEL.
THEN RETESTED MARCH EQ BEFORE CREATING THE SWING POINT.
SWEET SPOT & 79% LEVEL CONFLUENCE WITH REFINED H1 BR - 15MBR.
PRICE ACTION TO FIND RESISTANCE @ THE 15M BR THEN TO TAKE OUT THE LOW.
A LOT OF DOWNSIDE POTENTIAL - 111.755 MS, 108 & UNFILLED GAP.
NFP COULD SEE PRICE TAKE OUT...
WEAKNESS IN NZD PAIRS.
DAILY TREND STRUCTURE & H1 BR TESTED, BREAKING THROUGH THE DAILY SWING EQ.
ANOTHER H1 BR FORMED WHICH WAS RESPECTED - CONFLUENCE WITH SWING EQ, MARKET STRUCTURE & PREVIOUS WEEK EQ. STRONG INDICATION THAT PRICE COULD TRADE LOWER.
FOR THE UPSIDE 4HR OB & TREND STRUCTURE RESPECTED (NOTED ON THE CHART). CREATING ANOTHER SWING POINT.
PRICE TO RETRACE 50% OF THE MOVE FROM THE H1 OB. FINDING RESISTANCE AT MARCH EQ. SOME CONFLUENCE OF PREVIOUS DAY EQ & A REFINED H1 BR (15M BR). MARKET STRUCTURE DOES CONFLUENCE WITH .705 FIB LEVEL AS WELL AS A BREAKER CANDLESTICK, SO PRICE COULD FIND SUPPORT THERE IF NOT 50% FIB LEVEL.
POSSIBLE OUTCOME OF PRICE ACTION - WE COULD SEE IT TRADE BACK INTO THE H1 OB...
PRICE TO PULL BACK TO EITHER TAKE OUT SHORT STOPS OR JUST TO ACCUMULATE MORE SHORTS POSITIONS FROM THE H1 BREAKER WHICH CONFLUENCE WITH THE PREVIOUS DAY EQ. WITH THE CURRENT SWING HIGH TESTING MS HIGH, I EXPECT PRICE TO TRADE HIGHER THEN CONTINUE IN THE DOWNTREND. TARGET - 108.154 FROM THE HP MOVE
JUST AN UPDATE ON KIWI DOLLAR. I STILL HAVE A LONG BIAS ON KIWI DOLLAR - I WANT TO SEE THE HIGHS TAKEN OUT & THE H1 BREAKER TOO BUT IF THE H4 OB GETS VIOLATED WE COULD SEE PRICE TRADE BACK DOWN TO 0.69. AS PRICE HAS BEEN TRADING IN A DESCENDING CHANNEL & PRICE ACTION IN THE H1 BREAKER HAS BEEN VERY CLEAN.
Fib levels confluence with order blocks - 4hr & Daily. Just sitting on my hands just waiting for price action to unfold. Price to continue from the up trendline structure towards the previous day EQ and then previous week EQ to take out stops above the swing high.
Price respects Daily & 4Hr order block, trades back into the up trendline structure. Fib drawn from swing high to low 50% retracement level & 4hr breaker low lines up together @ .86081. Possible HP move on the downside if EQ holds. Also previous week EQ too .86075 added confluence for me to short this pair if price action plays out to the books.
Pink dashed lines are levels where I would like price to play resistance bounce and trade onto the downside towards the previous day EQ & taking out the lows then to the structure low 110.241. I'll like to see clear rejection from the pink zone (Breaker) to get involved but right now I am sitting on my hands.
Following the aftermath of Article 50 being triggered, EURGBP was bullish in favour of the Euro with Pound weakening and Dollar short term strength after the whole shebang - GBPUSD. Here price tested trend structure where support price action played out well. Price is currently trading below 4HR Breaker candle as well as the previous day equilibrium to retest and...