USDJPY 4Hour Analysis October 3rd, 2021USDJPY Bullish Idea
Weekly Trend: Bullish
Daily Trend: Bearish
4hour Trend: Bullish
Trade scenario 1: Overall we are bullish on UJ but we are clearly pulling back to find support.
Ideally we can spot a reversal around 110.300 which also lines up with our 61.8% fib level. Look to target higher once we can confirm a higher low around this area.
Trade scenario 2: For us to consider UJ bearish we would first need to see a break back below 110.000.
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AUDJPY 4hour Analysis October 3rd, 2021AUDJPY Bearish idea
Weekly Trend: Bearish
Daily Trend: Bearish
4Hour Trend: Bearish
Trade scenario 1: We are still looking bearish on AJ as last week didn’t play out much. Both trade paths are still valid and we are still looking for short opportunities first.
Ideally price action reverses from resistance around 80.800 and pushes lower with strong bearish setups we can enter short on.
Trade scenario 2: For us to consider AJ bullish we would need to see a push above 80.800 with a confirmed higher low above.
AUDUSD 4hour Analysis October 3rd, 2021AUDUSD Neutral Idea
Weekly Trend: Bearish
Daily Trend: Bearish
4Hour Trend: Bearish
Trade scenario 1: Overall price action is in a downtrend but we have seen some rejection from support around 0.72000 which pushed price action back into a range.
For us to continue with the bearish trend we need to see a bearish break of support around 0.72000 with a confirmed lower high below.
Trade scenario 2: If we want to consider AU bullish we would need to see a break above resistance around 0.73000 with a higher low above.
We always try to avoid range trading so we will ultimately have to wait for a major break of either support or resistance.
DXY (USD Index) 4hour Analysis October 3rd, 2021 DXY Bullish Idea
Weekly Trend: Bullish
Daily Trend: Bullish
4Hour Trend: Bullish
Trade scenario 1: Price action is very bullish after a large rally from last week. We saw a significant push above 93.800 and now we’re waiting for a higher low to confirm structure.
If we can confirm a higher low near 38.2% and new support at 93.800 we will be looking at a bullish dollar into next week.
Trade scenario 2: For us to consider the dollar bearish again we would need to see a break back below 93.800. If we can confirm a lower high below it’s likely we will see price action fall.