Another video reflecting on what's occurred in the last 24 hours, our current key level's, and thoughts prior to July NFP data. In the previous publishing I talked about how we should anticipate a pullback from the lows of structure. Price did indeed pullback for 1.08370 4hr support zone and did so throughout london all the way back to our key 1.09 4hr resistance level. With New york session open ( which was accompanied by ADP and Unemployemnt cliams data) price did a continuation of our previous downtrend on the week. I outlined yesterday that the market often uses Red folder news releases as a catalyst for a continuation of momentum. Throughout the week it's easy to identify that we've had bearish pressure and no wonder this is what we observed. It appears though that players took profit and price once again pulled back up from the lows of strucutre after we saw a continuation occur with news. What a volatile day it was today with plenty of opportunity. Expected nothing less of another Thursday in the markets. I did not participate since I've already reached my goal on the week but it is quite fun to observe from the sidelines.
What to look for : If price pulls up towards 1.09 and 1.091 daily resistance level, observe how candle's close around there. This may clue us on what may occur with NFP. As the weekly candle pulls back up on thursday and once again back into our daily range, I can see a potential increase for Friday's candle to end the week. Price looks like it's squeezing on the Daily timeframe and we may be awaiting an increase back to 1.096 daily resistance and 1.1024 in the coming day and moving into next week.
If price pulls down and then back up prior to nfp data , I may be looking to set a sell stop with NFP data.
What to look for : If price pulls up towards 1.09 and 1.091 daily resistance level, observe how candle's close around there. This may clue us on what may occur with NFP. As the weekly candle pulls back up on thursday and once again back into our daily range, I can see a potential increase for Friday's candle to end the week. Price looks like it's squeezing on the Daily timeframe and we may be awaiting an increase back to 1.096 daily resistance and 1.1024 in the coming day and moving into next week.
If price pulls down and then back up prior to nfp data , I may be looking to set a sell stop with NFP data.
Comment:
Price has increased with NFP data and reached the other side of the range at 1.096 daily resistance. It also looks quite possible that we may touch back into our weekly level next week at 1.10242 as I mentioned. We must first get past 1.09859 Daily resistance zone Not great USD jobs report has sent price flying to end the week. The weekly candle will be closing strongly to the upside suggestng more longs moving into next week.
