EURAUD POTENTIAL SWING SHORT OPPORTUNITY
HEY EVERYONE! HAPPY AND BLESSED SUNDAY! HOPE YOU'RE ALL DOING WELL!
Just wanted to do a quick and simple breakdown here on EURAUD. This has been an opportunity I have been waiting for a couple weeks now. And with the current market circumstances and the previous weekly candle being bearish engulfing with lower TF now strong seller market. I think its time! Lets break it down!
1W Chart: On this timeframe you can see that price had made a liquidity run to mitigate supply followed by a strong reaction to the downside. Price is also sitting at a strong(reactive) area of dynamic resistance and supply on the weekly and daily TF.
1D Chart: This chart is displaying strong seller rejection to the upside, displaying its not ready to mitigate a higher level of supply sitting about 1000 pips above. Due to this it is now giving us the bearish momentum and confirmation to look for more downside pressure to daily and weekly demand levels.
4H Chart: This chart is now turning bearish. This is great because if you trade on the hourly, like I do, in alignment with higher TF bias and price action. Then this can lead to highly probable trade setups! Look for pullbacks into 4H and 1H levels of supply. Watch for some manipulation around these levels to go short!
Thanks so much for reading my post! Please like and follow my page for more content. I will have a simple and advanced FX blog coming soon with lots of good info so tag along to hear more soon!
Happy Pips! Cheers!
Just wanted to do a quick and simple breakdown here on EURAUD. This has been an opportunity I have been waiting for a couple weeks now. And with the current market circumstances and the previous weekly candle being bearish engulfing with lower TF now strong seller market. I think its time! Lets break it down!
1W Chart: On this timeframe you can see that price had made a liquidity run to mitigate supply followed by a strong reaction to the downside. Price is also sitting at a strong(reactive) area of dynamic resistance and supply on the weekly and daily TF.
1D Chart: This chart is displaying strong seller rejection to the upside, displaying its not ready to mitigate a higher level of supply sitting about 1000 pips above. Due to this it is now giving us the bearish momentum and confirmation to look for more downside pressure to daily and weekly demand levels.
4H Chart: This chart is now turning bearish. This is great because if you trade on the hourly, like I do, in alignment with higher TF bias and price action. Then this can lead to highly probable trade setups! Look for pullbacks into 4H and 1H levels of supply. Watch for some manipulation around these levels to go short!
Thanks so much for reading my post! Please like and follow my page for more content. I will have a simple and advanced FX blog coming soon with lots of good info so tag along to hear more soon!
Happy Pips! Cheers!
Comment:
EURAUD is seeing significant push to downside. Still room to go. Look at opportunities on the 1H and 4H to go short. Cheers!