Forexleague
NAS100 4h Analysis May 2nd, 2022Price is at the support level now where it could form an equal lows which could give us a confluence that it is bullish. But if price breaks below the support then we are bearish and could enter on the retest.
GBPAUD 1h Analysis May 2nd, 2022We are currently trading at the resistance level which 2 things could play out. A break above the high and closed bullish candle above the same high which gives us confirmation to the upside. Or a rejection since sellers are ready to get in since we are in a level of supply.
XAUUSD Daily Analysis May 1st, 2021Gold Bearish idea
Weekly Trend: Bullish
Daily Trend: Bullish
4Hour Trend: Bearish
Trade scenario 1: Looking bearish here on gold after we saw a massive drop through a large prior existing range.
Going into this week we’re looking for lower highs to catch a short entry on as we head down toward 1870.00 support.
Trade scenario 2: In order to consider gold for long scenarios I would need to see a strong rally through 1930.00 with a higher low above.
EURJPY 4hour Analysis May 1st, 2022EURJPY Bearish Idea
Weekly Trend: Bullish
Daily Trend: Bullish
4hour Trend: Bearish
Trade scenario 1: We’re looking bearish on the 4hour! Good news to use as EJ is due for a pullback on the higher timeframes.
Ideally, price action continues with 4hour bearish volume and forms a lower high below 137.000 that we can enter on.
Look to target lower toward 135.500 support.
Trade scenario 2: If we are to consider EJ bullish again we would need to see a higher low above 137.000.
USDJPY 4hour Analysis May 1st, 2022USDJPY Bullish Idea
Weekly Trend: Bullish
Daily Trend: Bullish
4hour Trend: Bullish
Trade scenario 1: We’re starting to see things a bit more clearly on UJ. We are still very bullish and are due for a pullback.
Keep in mind, on the higher timeframes we’re overextended but the 4hour timeframe is looking clear for now.
The most likely scenario at the moment is that price action continues to be bullish and we see 4hour structure form near 127.700 in the form of a higher low.
Trade scenario 2: For us to start considering short opportunities we need to see a lower high below 127.700 with strong bearish setups to enter on.
AUDJPY 4hour Analysis May 1st, 2022AUDJPY Bearish idea
Weekly Trend: Bullish
Daily Trend: Bullish
4Hour Trend: Bearish
Trade scenario 1: The higher timeframes are mainly bullish but it is clear to see that we are overextended.
We even can see monthly wicks and weekly rejection so a reversal may be imminent!
On the 4hour we are strongly bearish and this timeframe will be the one to tell us where price action is going next.
Ideally we continue bearish and break support at 91.000. If this happens look for a lower high below which will present a great short opportunity.
Trade scenario 2: For us to consider AJ bullish for entries we need to see a higher low above 92.850.
AUDUSD 4hour Analysis May 1st, 2022AUDUSD Bearish Idea
Weekly Trend: Bearish
Daily Trend: Bearish
4Hour Trend: Bearish
Trade scenario 1: All timeframes are overall bearish and on the 4hour we are picking up momentum, it seems.
Based on current price action the most likely scenario is that we continue with the trend and break support around 0.70000.
We are definitely overextended and are due for a pullback but recent volume is mostly from DXY correlations.
Trade scenario 2: For us to find structure on this pair we need price action to pull back to the 0.72500 resistance level and form a lower high.
Look to continue bearish if this happens.
DXY (USD Index) Daily Analysis May 1st, 2022 DXY Bullish Idea
Weekly Trend: Bullish
Daily Trend: Bullish
4Hour Trend: Bullish
Trade scenario 1: DXY is still looking very bullish but current price action is resting at 103.000 resistance.
This is the make or break zone! If we break above 103.000, which this recent rally is strongly suggesting, we are looking at more upside potential.
Keep in mind we are in overvalued territory and this rapid increase in price action is not sustainable.
Trade scenario 2: Ideally, price action finds strong resistance at 103.000 and reverses. We want to see price action pullback to more stable levels and resume normal market structure again.