Weekly Analysis shows that market has an overall bullish trend(making higher highs and higher lows) but has currently come to a halt due to the recent lack of buyers to push the price beyond previous structure’s high.
Daily Analysis clearly shows that market is in a bearish trend which contains a massive amount of sellers down the channel. Next week trade, I will be looking to trade the retracement of this market pair. Why? The market is currently trading in a respectable key level which previously had distinctive demands for the Aussie and good Risk to Reward Ratios.
4 Hour Analysis– Structure of the market on the smaller timeframe indicates that the market is in a consolidated making mix trend characteristic while it breaks off a bearish channel. My entry strategy(long) would be to wait for the market to open with a gap(as circled) or market to trade higher and retrace(not beyond recent structure low) before entering. The ideal Risk to Reward is set at 1: 2.5-3.
p.s : I’m planning to go back to more personal finance too at the same time been really busy with my upcoming exam.