DAILY TF
Price is on a short-term uptrend. Price is constantly making higher lows and higher highs. However, this looks like inducement for a short. We have a relatively equal low at 105.63, which could be a possible target for a short-term bearish move.
4H TF
Price action at the 4H timeframe looks clearer. Equal-high at 119.27 was recently taken. Earlier this week, we have 2x bullish candles with very high volume, I would expect price to be bigger and moved way more compared to the previous bearish candle with high volume. However, we can see that the 2nd bullish candle I circled has a smaller body despite having a higher volume. This suggests either profit taking or opening of shorts from smart money. Right now, the expectation is for the price to go lower. If we manage to break above 120.37, it will invalidate my bearish analysis and I'd look for longs.
Price is on a short-term uptrend. Price is constantly making higher lows and higher highs. However, this looks like inducement for a short. We have a relatively equal low at 105.63, which could be a possible target for a short-term bearish move.
4H TF
Price action at the 4H timeframe looks clearer. Equal-high at 119.27 was recently taken. Earlier this week, we have 2x bullish candles with very high volume, I would expect price to be bigger and moved way more compared to the previous bearish candle with high volume. However, we can see that the 2nd bullish candle I circled has a smaller body despite having a higher volume. This suggests either profit taking or opening of shorts from smart money. Right now, the expectation is for the price to go lower. If we manage to break above 120.37, it will invalidate my bearish analysis and I'd look for longs.
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Find out more about me here: linktr.ee/kt_fx
Find out more about me here: linktr.ee/kt_fx
