Looking at the weekly chart, we see that we have just created an engulfing candle (signal) to the Yearly Open price and 0.6750 MQP.
Due to Australian Dollar weakness all year, my bias is to the short setup vs the long trade. However, if we break above my Weekly Supply Zone we could see a retest back up to 0.7000 MQP and a retest of the Monthly Supply Zone.
We failed to complete the 1000 pip range from 0.7000 to 0.6000 Bearish. Looking at the bullish higher low that has formed on the weekly timeframe, we can suspect that the bulls are taking over and a break of the Monthly Supply zone at 0.7000 will confirm a new bullish bias.
Based on the Weekly Engulfing Candle it is likely we will retest the 0.6500 MQP and Weekly Bullish order block, before making new highs.
A lower time frame bullish trendline break will be my entry for the short trade from 0.6750 to 0.6500.
Due to Australian Dollar weakness all year, my bias is to the short setup vs the long trade. However, if we break above my Weekly Supply Zone we could see a retest back up to 0.7000 MQP and a retest of the Monthly Supply Zone.
We failed to complete the 1000 pip range from 0.7000 to 0.6000 Bearish. Looking at the bullish higher low that has formed on the weekly timeframe, we can suspect that the bulls are taking over and a break of the Monthly Supply zone at 0.7000 will confirm a new bullish bias.
Based on the Weekly Engulfing Candle it is likely we will retest the 0.6500 MQP and Weekly Bullish order block, before making new highs.
A lower time frame bullish trendline break will be my entry for the short trade from 0.6750 to 0.6500.