Hello Traders!
Today marks a new trading week with lots of opportunity ahead of us. Upon the market opening, I've realised USD has opened extremely weak across all currency pairs. Although, I beleive this is a means to reach a certain point in the market before reversing to the downside. I've also had a look at COT Data indicating the commercials are short in the long run.
What Is The Market Telling Us?
Today marks a new trading week with lots of opportunity ahead of us. Upon the market opening, I've realised USD has opened extremely weak across all currency pairs. Although, I beleive this is a means to reach a certain point in the market before reversing to the downside. I've also had a look at COT Data indicating the commercials are short in the long run.
What Is The Market Telling Us?
- Price has been ranging for just over a month (Since 4 June) after breaking out of consolidation area previously.
- Bullish crossover with MAs gives me an indication price is making its way towards supply zone before dropping off for SELLS
- We may deal with some consolidation once price has reached our supply zone as it has done in the past
- Look to enter for SHORTS if price is rejected by resistance level followed by bearish candles/bias
If price violates our resistance level and reaches our supply zone, wait upon bearish confirmation on supply zone before SHORTING