Hello Traders,
Here is the Top-Down Analysis of GBPNZD (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 43 - 19 Oct
M > Market is moving in a wedge with horizontal support. Price has broken through support but unable to sustain longer having faced an upward rejection mostly within the same day.
W > Inside the wedge we can see Bearish Trend in downward channel. Price tested weekly support last week and faced rejection.
D > Price moved upwards creating HH and HL but faced rejection at strong daily supply zone to drop down and test historical support. Price is now facing rejection at next support level.
As per COT JPY saw addition of few Long but more Short positions reducing net positions further. JXY lost its position for the said week but ended with a Doji. However JXY improved its position last week but again ending with a Doji.
DXY is making attempt to improve its position and has over shadowed JXY at the moment.
4H > Price is in a range of about 70 pips for little over 3 weeks and unable to offer any interesting trade opportunity. Price is now testing supply level while moving in a bearish trend but rejection at support has created double bottom hence we expect price to move upwards to test resistance level. We can also see an M formation in 4H time frame and expect price to move up to test its neck and complete the formation.
Pair Correlation > USDJPY has positive correlation with USDCHF and negative correlation with Gold on weekly timeframe.
This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section share your view or ask questions.
Thank You
AP17FX
Here is the Top-Down Analysis of GBPNZD (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 43 - 19 Oct
M > Market is moving in a wedge with horizontal support. Price has broken through support but unable to sustain longer having faced an upward rejection mostly within the same day.
W > Inside the wedge we can see Bearish Trend in downward channel. Price tested weekly support last week and faced rejection.
D > Price moved upwards creating HH and HL but faced rejection at strong daily supply zone to drop down and test historical support. Price is now facing rejection at next support level.
As per COT JPY saw addition of few Long but more Short positions reducing net positions further. JXY lost its position for the said week but ended with a Doji. However JXY improved its position last week but again ending with a Doji.
DXY is making attempt to improve its position and has over shadowed JXY at the moment.
4H > Price is in a range of about 70 pips for little over 3 weeks and unable to offer any interesting trade opportunity. Price is now testing supply level while moving in a bearish trend but rejection at support has created double bottom hence we expect price to move upwards to test resistance level. We can also see an M formation in 4H time frame and expect price to move up to test its neck and complete the formation.
Pair Correlation > USDJPY has positive correlation with USDCHF and negative correlation with Gold on weekly timeframe.
This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section share your view or ask questions.
Thank You
AP17FX