As yesterday's CPI news made a big effect with the market this pair had a massive push to the upside. Now we wait if it would break above or reject the resistance level to know what would be our sentiment.
As the market is trading at the minor zone it could possibly fails to break that zone then target the next support level. But we then wait for its reaction since it could also break above the minor zone.
We are currently trading at the resistance level where either price could break above or respect that key level. So until then we just need to wait for the confirmation by looking in the lower timeframe.
As price is approaching our resistance level we then wait for the reaction of it. Either it would reject the resistance or break above it then we know what would be our sentiment is.
Currently we are in the middle of nowhere that's why we wanted to look for more further price action. But there's a possibility we could ride the bearish momentum targeting the support level.
As price is moving at the discount price or where is the buy zone located. We then look into longing this pair as it is closed to the support level. Unless price break the support then our sentiment would change.
Still we are stuck on the range so what we can do is to buy at the support and sell at the resistance. Which currently price is approaching the resistance then we could look for potential short position.
Last week price closed rejecting the resistance level. Then we could ride the short term bearish movement of the market. Unless price broke the previous high and level then our directional bias would change.
As price push higher then we expect for it to tap inside the resistance level before looking into shorting this pair. Be patient waiting and always look for confitmation.
Let's see if price could continue to push to the resistance level during NY session. But always look for confirmation before placing a trade position.
The market has been moving sideways for quite some time now so we wait for the breakout. Either way we are ready for our directional bias.
On the 4h we are waiting for price to retest the previous key level. But as of now we can buy on the support while target the next close key level. Wait for the confirmation before placing a trade because price could break below so we just wait.
As price is currently trading at the support level we then wait for its reaction. Whether it will reject and bounce from the support or will break below it then we know our sentiment.
We do have 2 scenarios here. First is a continuation of bearish order flow when price rejects the previous high. Then the other is if price breaks above the previous high then we are long on the retest. Regardless we are ready either way the market goes
We want for the market to retest the previous resistance level again and form shift of market structure. Overall we are bearish so we are looking at the big picture just be patient and keep an eye on this pair.
Still we are waiting for price to comeback to the previous key level for a retest. Then we could drop down to lower timeframe for confirmation and enter short since on the Daily timeframe we are still bearish.
As the market swept the previous low then grab its liquidity to push to the upside. We then just wait for more structure highs to be broken by the market. So we can enter long on the retest then target the next level of danger.
Still waiting for price to comes back to our major key level. And retest that resistance then drops down to lower timeframe for confirmation entry.