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XAUUSD 4hour Analysis October 3rd, 2021Gold Bearish idea Weekly Trend: Bearish Daily Trend: Bearish 4Hour Trend: Bearish Trade scenario 1: Gold is looking bearish on most timeframes but we can see that price action is attempting to push above 1760.00 and turn the 4hour trend bullish. Ideally we want to trade in line with the overall bearish trend so we will look for lower highs below 1740.00 before entering short. Trade scenario 2: It’s likely price action will test resistance near 1800.00 again but as long as we remain below this level we are generally bearish. For us to change our bias completely we would need to see a clear push above 1800.00
FX_IDC:XAUUSDShort
by ForexLeague
USDJPY 4Hour Analysis October 3rd, 2021USDJPY Bullish Idea Weekly Trend: Bullish Daily Trend: Bearish 4hour Trend: Bullish Trade scenario 1: Overall we are bullish on UJ but we are clearly pulling back to find support. Ideally we can spot a reversal around 110.300 which also lines up with our 61.8% fib level. Look to target higher once we can confirm a higher low around this area. Trade scenario 2: For us to consider UJ bearish we would first need to see a break back below 110.000.
Long
by ForexLeague
AUDJPY 4hour Analysis October 3rd, 2021AUDJPY Bearish idea Weekly Trend: Bearish Daily Trend: Bearish 4Hour Trend: Bearish Trade scenario 1: We are still looking bearish on AJ as last week didn’t play out much. Both trade paths are still valid and we are still looking for short opportunities first. Ideally price action reverses from resistance around 80.800 and pushes lower with strong bearish setups we can enter short on. Trade scenario 2: For us to consider AJ bullish we would need to see a push above 80.800 with a confirmed higher low above.
Short
by ForexLeague
AUDUSD 4hour Analysis October 3rd, 2021AUDUSD Neutral Idea Weekly Trend: Bearish Daily Trend: Bearish 4Hour Trend: Bearish Trade scenario 1: Overall price action is in a downtrend but we have seen some rejection from support around 0.72000 which pushed price action back into a range. For us to continue with the bearish trend we need to see a bearish break of support around 0.72000 with a confirmed lower high below. Trade scenario 2: If we want to consider AU bullish we would need to see a break above resistance around 0.73000 with a higher low above. We always try to avoid range trading so we will ultimately have to wait for a major break of either support or resistance.
by ForexLeague
DXY (USD Index) 4hour Analysis October 3rd, 2021 DXY Bullish Idea Weekly Trend: Bullish Daily Trend: Bullish 4Hour Trend: Bullish Trade scenario 1: Price action is very bullish after a large rally from last week. We saw a significant push above 93.800 and now we’re waiting for a higher low to confirm structure. If we can confirm a higher low near 38.2% and new support at 93.800 we will be looking at a bullish dollar into next week. Trade scenario 2: For us to consider the dollar bearish again we would need to see a break back below 93.800. If we can confirm a lower high below it’s likely we will see price action fall.
TVC:DXYLong
by ForexLeague