GBP/JPY - 4HR Structure
We can see here that price is trading in a flat channel, with 2 bounces off our 4hr resistance and support levels.
Zoom out to the daily chart and we can see this pair is in a long term uptrend, and nearer the bottom of our 'bigger picture' ascending channel.
Therefore, we can anticipate that price will break out of this structure to the...
EUR/NZD Update. This is the 4HR Chart.
We can see price broke back into our descending channel.
NZD is incredibly strong at the moment, breaking our long term support level and now approaching the bottom of our descending channel.
This is GBP/USD on the 4hr chart. In most recent price we can see we broke a key level yesterday and we can see price has revisited our level quickly after. The blue circle at the top indicates where trendline bounces and whole psychological levels can be used in harmony to take high probability entries! If you remember we posted GU analysis on the 15 minute...
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!
This pair is perfect for analyzing.
You will notice the previous structure got attacked and GBPCHF was forced to create new double top highs.
I still think this pair will follow the route of the ascending channel after bouncing from the horizontal line, we just need to give it time.
Strong Impulse up and consolidated on the 50% of the swing. Then gapped up.
It may close the gap to shoot up.
Volume Area spotted with structure from the last swing high and Fixed Range tool.
Want to see it collect Liquidity in the "Blue trap" to show hints where it wants to go.
We have a cypher pattern now showing on CROBTC for a move back up. Obviously we are still looking bearing overall as previous structure has not been broken but there is definitely room for a move back up to the 38.2 retracement or extended targets of 61.8.
There is structure support at the bas of the bullish cypher so provides further buying pressure once...
I am highly interested in selling USDCHF if this pair manages to remain below the key structure level marked. My target would be the previous double bottom formation-level marked, remember to always keep your eye on the DXY if I attempt to tackle this pair.