According to weekly chart the pair is still bullish. However, 1.5000 level is and has become even more of a stronger resistance as pair failed to close above 1.5000 level.
Daily Chart: Pair is still holding above the Bullish Trend line drawn from Weekly chart. The pair found support on 21 EMA and found support at 1.4820 after double testing that price level.
H4 Chart
200 SMA comes around 1.4820 and is acting as a strong support (DOUBLE TEST/ RETEST). Even the rice level moved above the daily PP but the pair was not able to break the trend line (Remained below it). Market closed the price below the 21SMA on the H4 Chart. ADX still below 30 But you can see OSMA and Stoch on the chart for reference (Attached).
Note: Pair also held the Daily PP on the H1 chart after a retest. (Key Level to watch).
Busy week for USD. (See ECO Calender)
My trading approach:
1: Short on the pair as market will breath before moving up as the week starts.
3: Long on the pair if it holds the daily PP, 21 EMA and breaks the Trend line on the H1 chart. (Watching OSMA, ADX and other Moving averages along)
4: Waiting for the trend line to be tested on the H4 chart before going long also if the pair hold the 21EMA (then I will keep the 21 as a support) on the pair till 1.5000 level.
5: Rest will be determined by the market and it will tell where its going and will act accordingly.
Note: Gold and AUD are again looking to set higher highs.
H4 and H1 Charts
No comments:
Post a Comment