The monthly timeframe shows price at strong support and we can see by the numerous amount of rejections at that level. So now we know price is at support and also the trend is currently bearish. We could see some bullish movement for the next couple of months but we know this is forex anything goes but I will be looking for entries in the week to come.
Weekly shows more of the rejection level. Do you see those two (2) long-tailed candles at the rejection level? A testament to the strength of the rejection level. We could see some bullish moves in the weeks to come.
The most important thing on the Daily timeframe is the bearish trend indicated by the bearish trendline. We see price move from the High (H) to a Low (L) then made a Lower High (LH) and then made a Lower Low (LL). Although we are seeing signs that indicate a reversal, price is still bearish and until price breaks above the Lower High (LH) we remain bearish.
On the H4 we see a different story from the Daily timeframe. We see a bearish trend that has been broken for us to confirm the bullish trend we would need to see at least a pullback and then see price make a higher high. So this is the first real sign of the bullish movement we were expecting from the monthly. Price is also approaching the bearish trendline of the Daily timeframe and we could see some resistance there.
Amazing analysis love it. Nawornaverr was here.