The Daily structure shows formation of a Higher Low and previous 2 Daily candles were part of the bullish impulse. The 4H structure can be seen creating Equal Highs, signaling probability of structure shift from bearish to bullish, confluently with the Daily Bullish bias.
Price on the Daily has been trading inside a Bullish structure, creating Higher Highs and Higher Lows. Price on the Daily corrected back to previous highs and on Friday closed as an Indecision yet bullish rejection candle.
On the lower time frames, I want to see a rejection off the 50.0% again, creating Equal lows (Double Bottom) and a candlestick confirmation to...
We could see an extended bear move on the EURUSD as the structures are all lining up.
Seeing a set of Equal highs and Equal lows on the 4H and Lower high on the Daily showing rejection off the previous low zone.
EURGBP has found substantial support just above the 0.91000 even-handle number. Price is ranging above the level and then Daily structure shows that the Bullish outlook on the pair is probable as the structure remains Bullish. We can expect EURGBP to find enough liquidity to retest June's High this year at around 0.91754. We can look to go Long if the 4H breaks...
The USDOLLAR can find strength this week as the bearish move has been over-extended now. If we see the 4H creating Bullish Structure, that will push the Buyers in and we can see a domino effect on all the above time frames like the Daily and the Weekly.
Entering at the Higher Low on the 4H. This trade is highly probable and I will look to Exit at the Higher High of the 4H structure.
PS: This is only for reference and analysis and trade is due to change with the every changing markets.
We know that GBPJPY has been moving side ways in the last week. We can see that Price has been contained under the 135.00 even-handle number in the Weekly Impulse leg. The Weekly candle closed showing Indecision and the Daily candles also showed several indecision candles just below the even-handle number.
There are 2 scenarios we can trade GBPJPY this week:
Even though the Weekly candle closed strong Bullish Engulfing Candle, the Daily candles show loss in Bullish momentum + Massive Selling pressure due to the Top of the Monthly range and 0.91000 Even-handle number. If the Daily and 4H 'barely held bullish structure' breaks, I will look to short the pair.
PS: This is only for reference and is subject to change with...
If EURUSD breaks the recent Higher High on the 4H, retests and shows strong bullish rejection, we can see EURUSD going up.
EURUSD can also go bearish due to the upper wicks on the last couple of Daily candles, but Daily and 4H Bullish structure are still intact.
PS: This is only a probability of the pair, moving to the upside. Analysis and trade is due to...
Even though the outlook is Bearish on the Dollar Index, it is at a tested Liquidity zone. We can expect the Dollar Index to either move down, break the strong Demand zone and continue it's downwards trend. Or, break the recent Lower High and move upwards to the Supply zone where we had seen many previous rejections.
Even though as we can see that GJ has broken structure and created a Higher High on 4H, we can see that it
faced bearish pressure. Price broke the Hourly structure to the downside. Although, the overall 4H structure has
been violated by creating a Higher High, I will take advantage of the broken Hourly structure to short GBPJPY
to the downside for an Intraday trade.