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Forexleague

XAUUSD 4hour Analysis May 8th, 2021Gold Neutral idea Weekly Trend: Bullish Daily Trend: Bearish 4Hour Trend: Bearish Trade scenario 1: We are newly bearish on the 4hour & daily timeframe on gold as we recently broke well below 1930.00. For us to continue selling we need to see the bearish trend continue strongly. Ideally, we can see a lower high below 1870.00 that we can enter on. Trade scenario 2: It is also likely that price action will bounce right now and head back toward 1930.00. I would be hesitant on entering on this move or while price action is approaching 1930.00. This level has been proven as a key level on major timeframes so how price action reacts will more clearly show us potential trade scenarios.
FX_IDC:XAUUSD
by ForexLeague
USDJPY 4hour Analysis May 8th, 2022USDJPY Neutral Idea Weekly Trend: Bullish Daily Trend: Bullish 4hour Trend: Bullish Trade scenario 1: We are no doubt bullish on UJ and in fact overextended on the higher timeframes. Going into this week I will not accept any scenario unless we get structure first. Ideally, price action pullsback to 127.700 & our 38.2% fib level and forms structure. From here we will look to enter long on a strong reversal + bullish setups. Trade scenario 2: If we are to consider UJ for short opportunities we need to see a lower high below 127.700.
by ForexLeague
AUDJPY 4hour Analysis May 8th, 2022AUDJPY Neutral idea Weekly Trend: Bullish Daily Trend: Bullish 4Hour Trend: Ranging Trade scenario 1: On higher timeframes we can see AJ has been mainly bullish. Only until we hit 95.000 resistance did we see any sort of reaction. After 95.000 resistance was met we saw a 4hour transition which developed into 4hour ranging/consolidation. Essentially, we have no present trend to trade. In order to continue bullish we need to see a bullish break of the range in the form of a higher low above 92.850 Trade scenario 2: It is most likely that for this week we will see the ranging continue and price action will head toward 91.000 support.
by ForexLeague
AUDUSD 4hour Analysis May 8th, 2022AUDUSD Bearish Idea Weekly Trend: Bearish Daily Trend: Bearish 4Hour Trend: Bearish Trade scenario 1: Still looking very bearish on AU. Currently, we’re in an active trade after a retest of 0.72500 & structure formation. To continue playing this short we are looking for a lower high below 0.70000. Trade scenario 2: For us to see AU as bullish on this 4hour timeframe we need to see a 4hour transition and break of resistance near 0.72500. With the break we need a higher low then we can consider long scenarios.
Short
by ForexLeague
DXY (USD Index) 4hour Analysis May 8th, 2022 DXY Neutral Idea Weekly Trend: Bullish Daily Trend: Bullish 4Hour Trend: Bullish Trade scenario 1: Overall we are still very bullish on the USD. We can see we are consolidating a little bit at key resistance near 103.000. How price action reacts here will determine where we go next for the week ahead. If we are to continue bullish we need to see a higher low above 103.000 to confirm this. Trade scenario 2: For us to consider USD bearish again we ideally need to see a lower high below this area of consolidation.
TVC:DXY
by ForexLeague