price in former area of bid. selling pressure seemingly absent, as the move down was slow and gradual.
potential for bids to hit the first supply area and if demand permits, the higher sell zone.
Enter two position with two different TPs
having hit a near term low, prices consolidated and made a sufficiently strong rally into the immediate supply area.
However, the supply looks weak, considering the time it took to "travel" down to the current low.
A possible area to go long, targeting immediate supply, for a 2:1.
EURCAD dipped, stopping right at a former resistance turn support area. potential sell setup, with considerable consolidation in the red area.
there may be a chance for a rebound trade back into the sell zone too.
AUDNZD seems to be breaking out of the immediate resistance, forming a nice consolidation range in the area. However, upside may be capped by the former demand turn supply area. a potential 1:1 at best for a quick scalp.
the sell off (circled) was one of the stronger sell bars compared to the past selling bars, a possible reflection of bigger bears in action.
potential supply area to go short, with targets at current demand zone (green) or further down below at the resistance turn support line.
USDJPY recently hit a near term supply/resistance area and turned lower, clearing a former area of congestion/consolidation (circled).
prices are bounded between supply (red) & demand (green) area at the moment. given that the area of congestion have been cleared, my personal view is for further downside to the next support area.