Monthly
From a monthly perspective, July produced a strong bullish candle which took this pair above 0.7750 - a difficult resistance barrier to at the time. August tested 0.7925 weekly area and rejected it making turning it into support. We did come up earlier this month to test 0.8100 which is another critical key level. At the moment, it is difficult to tell what will happen on this TF but MAs are upward facing and we can examine the weekly to get a clearer idea.
Weekly
Last week, price rejected 0.7960 and so far this week, we have rejected this area again as well as spiked through our blue MA - this gives me a good indication that we are still looking to continue higher.
Daily
We have clear higher lows and higher highs supporting our uptrend bias. A new high was formed at 0.8100 and rejected this level with a shooting star candlestick. Since then, we have pulled back down and rejected 0.7960 daily support as well as rebounded off our MAs with a bullish engulfing as yesterday's close. MAs are still upward facing in alignment with the bigger picture. We've also formed a higher low.
H4
Price on the H4 TF has pulled back into our preferred fib region after completing a new high - the fib rejection is confluent with 0.7960 daily support as well as a higher low. We've broken our CTL and also seen the MAs crossover to the upside.
From a monthly perspective, July produced a strong bullish candle which took this pair above 0.7750 - a difficult resistance barrier to at the time. August tested 0.7925 weekly area and rejected it making turning it into support. We did come up earlier this month to test 0.8100 which is another critical key level. At the moment, it is difficult to tell what will happen on this TF but MAs are upward facing and we can examine the weekly to get a clearer idea.
Weekly
Last week, price rejected 0.7960 and so far this week, we have rejected this area again as well as spiked through our blue MA - this gives me a good indication that we are still looking to continue higher.
Daily
We have clear higher lows and higher highs supporting our uptrend bias. A new high was formed at 0.8100 and rejected this level with a shooting star candlestick. Since then, we have pulled back down and rejected 0.7960 daily support as well as rebounded off our MAs with a bullish engulfing as yesterday's close. MAs are still upward facing in alignment with the bigger picture. We've also formed a higher low.
H4
Price on the H4 TF has pulled back into our preferred fib region after completing a new high - the fib rejection is confluent with 0.7960 daily support as well as a higher low. We've broken our CTL and also seen the MAs crossover to the upside.