EUR/AUD looks bearish on the Daily timeframe, when scaling down on the 4hr timeframe you can see the potential for a Wyckoff Distribution occurring. It looks as though we are entering Phase C of the Distribution and the potential for a UTAD to form.
Further confluence is found in the long term downward channel, a false breakout would tie into the Wyckoff analysis. At the top end of the channel resistance is a strong Daily supply zone (in yellow). This occurs near the 61.8% Fibo so provides further confluence.
I would look for price action confirmation either within the Supply zone or near the top of the channel, both would be taken as the UTAD formation and I would then initiate a short trade.
Further confluence is found in the long term downward channel, a false breakout would tie into the Wyckoff analysis. At the top end of the channel resistance is a strong Daily supply zone (in yellow). This occurs near the 61.8% Fibo so provides further confluence.
I would look for price action confirmation either within the Supply zone or near the top of the channel, both would be taken as the UTAD formation and I would then initiate a short trade.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.