In this analysis, we are focusing on getting a general market direction and the formation of a bias for the week ahead of us. We started out doing a top-down analysis on the daily timeframe. We marked the daily high from the previous high of the last daily candle. Another major Daily point marked is the Daily Major S/R at 93.000 which is a strong level to look out for on the charts.
Scaling down to the 4 hour timeframe we had several major zones. One being the 4Hr Major Resistance and one being the 4Hr Major Support. At this moment we are seeing AUDJPY changing its bullish momentum to the lower side with a clean break of structure from the rally above the 4 Hr Major Resistance.
Overall For this week we could see a slight up but we are looking for an entry for a sell to the down side as said in the video. Our Take Profit 1 is at 93.750 at the 4Hr Major Support and our Take Profit 2 is the Daily Major S/R at 93.000.
Daily High – Previous Body of Candle High
Daily Major Support/Resistance(@93.000) – Strong point where the market has reacted greatly in the past. The market respects this area greatly once it hits that point.
4 Hour Major Support(@93.750) – A point on the 4Hr timeframe where buyers have shown to get stronger in that area and push the chart bullish(upwards) from that level.
4 Hour Major Resistance(@95.750) – A point on the 4Hr timeframe where sellers have shown to get stronger and hold the chart bearish(downward) from that point.
Take Profit 1&2 – TP1 is at 93.750 at the 4 Hr Major Support. That is the first point we want to see get taken out and a point to reanalyze our trade. TP2 is at 93.000 at the Daily Major S/R. This is the second point we want to see get hit after we reanalyze. TP2 is a major zone where big moves can happen, we will keep all trades updated.