Weekly: Price had an aggressively bearish week last week. We started this week [7/18] with some bearish momentum but saw an overall bullish close to the session on Monday.
Daily: Price started the new week by testing last week’ lows . Price tested this area as resistance and fell about 234 points before recovering 50% of the move. As long as price holds this 14500 level then we can see a continuation of the bullish trend. If we violate that level and close under, then we can see bearish downside.
4HR: Price is in a range between 14500 and 14700. I am looking to take long positions at that support level and trade the continuation of the existing bullish trend. If price cannot break 14700 then we look to reverse our bias and take shorts.
*Forex is a leveraged product and may not be suitable for you as it carries a high degree of risk to your capital and you can lose more than your initial investment. You should ensure you understand all of the risks. By undertaking these types of high risk trades you acknowledge that you are trading with your available risk capital and any losses you may incur will not adversely affect your lifestyle. The high degree of leverage can work against you as well as for you.