IF it hits H3 first play it as short. if it hits L3 first try long. no matter which hits first... first take profit will probably be purple coming P line. then can target the opposing H/L3 and beyond over the week
based on the logic that the new weekly pivot gets tested after Mondays close (as well as whatever gap is made) untested pivots ALWAYS tend to get tested. can easily open them and see yourselves. good luck all
Long term we will update with our long bias, however the sells are still looking to test the weekly and monthly zone this week.
Downtrend - rejection of monthly supply
Daily in a weekly and monthly zone -
demand could be a potential
swap zone as the zone underneath is a setup for a strong fresh touch of demand.
However, the GBP is weak,
We are waiting for the break of our trend line - as the USD is gaining strength and the GBP has got alot of short orders against the Dollar.
However the Aussie has had orders shorted for the past 13weeks.
GBP with 54% short - 42,071
AUD with 69% short - AVG (13) - is 61,487
What can we see technically?
- Daily bearish but breaking momentum short in the channel....
The aussie is having a good run while the dollar is showing signs of weakness.
However the levels are lining up to the weekly supply zone - we will see if the aussie fakes out the buyers at the 0.672, however we have a minor zone which will need testing for another possible short.
The long term effect of weekly swing S&D is our aim here.
If you like our setup...