Hi Traders,
If you have been following my posts, I am still looking at AUDUSD going lower towards the daily pattern. See daily AUDUSD post earlier in the week. Zooming into the lower time frame, I have spotted a bullish Deep Crab on the H1. This also points to a lower level on this pair. Let's see how this starts off the week.
Analysing the USDJPY chart in details, from the top. The H4 chart shows that it has been on a slight down channel since the middle of February. It has respected the top and bottom of the channel several times.
We are still close to the top of the channel, we can look into the smaller time frame to find reasons to take a short. Spotted a bearish Shark pattern on the H1, the PRZ also coincides with the horizontal resistance levels.
At the top of the channel, I am biased to take a short. 2 possible scenarios
- Price retraces up higher to complete the bearish Shark pattern
- Price immediately breaks down lower
Will track this trade closely from the start of next trading week.
Cheers everyone, trade well and trade safe.
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