Hello guys, welcome to this weeks market analysis where we cover the setups that we are looking at for the upcoming week.
Weekly trade ideas and analysis:
On this pair, we got a nice breakout of the resistance area. The price has since made a pullback back into the area and formed a bullish long wick rejection candle.
The trade is not confirmed yet, because if we look at the 4h timeframe. There the price didn’t form a long wick rejection candle, but instead it formed a breakout below the support area and a pullback. Which is a bearish sign.
On the daily, we are getting bullish price action, but on the 4h we are getting bearish price action. We will wait for some bullish price action on the 4h timeframe before we consider entering this trade.
The price action can come as a double bottom pattern or a higher high on the 4h timeframe, which would be bullish signs.