GU Analysis for This Week:
My outlook on GU this week largely depends on how the market opens. If the price moves downward and breaks structure by taking out the liquidity at the swing low, I expect a retracement to the 12-hour demand zone. In this scenario, the 10-hour supply zone I marked would become more valid, although there is also a possibility that price could move there first.
This would lead to an initial sell-off, to ride the price down until it fills the imbalance just above the demand zone. Once price reaches this point, it would fill a level of imbalance, potentially triggering stronger buying pressure.
Confluences for GU Sells:
- The price has been forming lower lows and lower highs.
- There is an imbalance below that needs to be filled, along with a demand level.
- A 10-hour demand zone was left untouched by the NFP news event.
- There is significant liquidity below, providing clear target levels for take profit.
- This analysis aligns well with the dollar index (DXY) chart.
Note: If the price invalidates the current supply, my ideal scenario would be for the price to reach the 11-hour supply zone at the very top, as it offers a more premium level to sell from.
Have a great trading week, everyone!
My outlook on GU this week largely depends on how the market opens. If the price moves downward and breaks structure by taking out the liquidity at the swing low, I expect a retracement to the 12-hour demand zone. In this scenario, the 10-hour supply zone I marked would become more valid, although there is also a possibility that price could move there first.
This would lead to an initial sell-off, to ride the price down until it fills the imbalance just above the demand zone. Once price reaches this point, it would fill a level of imbalance, potentially triggering stronger buying pressure.
Confluences for GU Sells:
- The price has been forming lower lows and lower highs.
- There is an imbalance below that needs to be filled, along with a demand level.
- A 10-hour demand zone was left untouched by the NFP news event.
- There is significant liquidity below, providing clear target levels for take profit.
- This analysis aligns well with the dollar index (DXY) chart.
Note: If the price invalidates the current supply, my ideal scenario would be for the price to reach the 11-hour supply zone at the very top, as it offers a more premium level to sell from.
Have a great trading week, everyone!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.