★Today’s Market Sentiment★ Pound-Dollar & Australian Dollar & NZDUSD & USDCAD & USDCHF【Blog Version: Lehman Trade FX】
This article is a continuation of the previous one (｀・ω・´)
With that said,
I’m going to explain the Pound-Dollar (GBPUSD).
GBPUSD Market Context
Here is the 1-hour chart for GBPUSD.
In the 4-hour chart, there weren’t many points to pay attention to, so
I will introduce the lines and zones to watch on the 1-hour chart.
By the way, the 1-hour perspective is suited for day trading,
the 4-hour perspective can be used for semi-swing and swing trading.
The blue price zone higher up is drawn where there are notable highs when viewed on the 1-hour and 4-hour charts.
Price levels that stand out across multiple timeframes tend to become notable resistance zones, so they deserve attention.
The blue price zone lower down is drawn from today’s low, yesterday’s notable high,
and also notable highs from around last week.
A price zone that has rebounded at two or more points tends to become a resistance zone, so it’s important to watch.
In other words, currently GBPUSD is
rebounding off these two resistance zones
and may range between these two resistance zones.
Conversely,
if it breaks above these two resistance zones,
the environment becomes conducive to a trending move.
Since volatility is high in GBP,
even within the range between the resistance zones, a scalper can still follow the trend.
However, as noted above, when approaching a resistance zone
I recommend switching to trades that anticipate a rebound.
Next is the AUDUSD market context.
AUDUSD Market Context
This is the 4-hour chart for AUDUSD.
Previous Liam Trade FX broadcastthe trendline drawn has been broken to the upside.
Video of the recording is here →https://youtu.be/bULifNbvwSQ
As explained in the above video,
the long-formed symmetrical triangle has been broken upward,
so an uptrend is emerging.
However, pay attention to the daily chart above.
There is a notable low.
Marking this low and the notable high on the 4-hour chart as a resistance zone gives
this blue price band.
Price zones formed by two or more highs and lows tend to become resistance zones.
Therefore,
an uptrend is in place, but
you must consider the risk of a pullback if the price is held down by this blue resistance zone.
So if the rate is below this resistance zone,
I recommend avoiding long entries.
Conversely, if the price breaks above this blue zone,
it will have broken through a solid resistance zone,
and a stronger uptrend may arise.
So,
in recent trades I recommend trading with awareness of this blue price zone.
What’s Important is…
As shown here, in both the previous article and this one,
I’ve described the market context in the blog,
but putting it into words becomes very long (^^; haha).
What matters is not to memorize the exact text,
but to think about what you consciously notice when you look at a chart,
where you are looking and how you are thinking about it,
and
to read and internalize this for yourself.
If you can truly internalize it,
you won’t have to rely on my market context every time.
From now on, the era is not about relying on someone’s power,
From now on, the era is not about relying on someone’s power,
but about developing the ability to survive with your own strength!!!
So,
apply the insights from the previous article to the concepts above, and
read the remaining currency pairs’ market context from chart screenshots!
NZDUSD: Lines and Zones to Watch
NZDUSD 4-hour chart
NZDUSD daily chart
Break above = bullish bias
Pullback or decline = bearish bias
USDCAD: Lines and Zones to Watch
USD/CAD 4-hour chart
If price breaks below the zone, watch for a selling bias
If price re-enters the zone, it may range or present a buying bias
USDCHF: Lines and Zones to Watch
USD/CHF 4-hour chart
Being sandwiched between two long-term resistance zones suggests a long-term range.
Aim for a rebound from the upper bound, or
aim for a rebound from the lower bound to rise.
That’s all for today’s market context
This was the Leman Trade FX on the blog ♪
Honestly, videos are easier than text. Haha.
