Price still respecting the key levels we marked in our previous descending structure. The break of structure is the first indication of a trend change.
We are at long term lows, price finding support at our key level and bulls looking to take price higher. Will we see a break of resistance next week with price moving higher?
A really simple analysis on GJ for you guys today!
More classic Break and Retest Setups on this pair - In line with the HTF bias we've been talking about for some time! Mark key levels - wait for breaks of these key levels - then wait for a retracement to test your marked key levels. See confirmation? Enter the trade?
If you don't know what this means, just...
NZD strength prevailed throughout the week as NJ pushed higher. We can see a break of our top key level here on the 4hr chart, a retracement before a strong bullish bounce off the level breaking previous highs.
What will we see next for this pair?
Based on my analysis and theory on EURNZD, I am expecting the price will start rising as RSI is showing as oversold at this time (along with support area as you can see in the image).
Wait for a clear up trending and price action before making any entry!
About 50-60 pips up for grabs with this trade, this is short-term trading.
Trade at your own risk and know...
We're currently at 1.37 once again. We tested this level yesterday and saw a strong bearish bounce off the level. Will we break this level today?
In yellow highlighted circles we can see all the previous tests of 1.37 and strong bearish rejections. This is combining a key level in the market with a whole psychological level that often acts as additional support...
The euro continues to resist dollar bulls by holding this level.
Long wicks to the downside in recent price on the 4HR show bulls trying to push price down and break this level but failing.
Can see price might trade in this 50 pip range for the rest of the week. However, be ready to adapt your directional bias if we see a price break down through this...
GBP/AUD - all the info you need is written on the charts.
This is absolutely textbook one hour structure so far. Put this is your break and retest notes!
Breaks and Retests are a fantastic confirmation of trend. Use them!
Happy Trading guys!
EUR/NZD Analysis on the 4 hour chart.
Price has hit a key level coinciding with our top descending channel trendline. We have seen some sharp rejection off this level. Check out how simple it is to find key structure levels in the market!
Price is testing a key supply and demand level on the daily timeframe and has been moving correctively in a descending channel for a few weeks now. The market has now tested this area twice recently on the H4 timeframe and is showing signs of holding. If the market holds at this level, we could finally see a swing to the upside, breaking out of the descending...