EURUSD, GBPUSD, NZDUSD MARKET ANALYSIS
Good evening traders, it's a chilled Sunday and for traders its a day to assess the markets for potential setups for the upcoming week. As we get ready for the new week ahead, here are setups that were on my last week's watchlist which were EURUSD, GBPUSD and NZDUSD. On EURUSD price rallied into a major H1 & H4 supply zone at 1.09040 & 1.08730 which is the origin of the previous major drop to the major H4 demand zone at 1.07270 & 1.07000. Price filled the major H4 & daily range from the major H1 & H4 supply zone to the major H4 demand zone and back to the major H1 & H4 supply zone. Price rallied into the zone and formed a fake-out on H1 & H4 with candle closes above supply but on the daily chart price formed a rejection wick with candle closes inside supply. Price dropped in a H4 bearish engulfing candle with candle closes inside supply followed by a bearish push to 1.08600 with candle closes below supply. Price retraced back into supply and consolidated for the week but formed all candle closes inside supply on H1 & H4 followed by a strong drop after the NFP news release. Took sell positions on 4th June during London session at 1.08955 with SL at 1.09200. Setup taken is a rally base drop, a reversal setup and my 1st target was at the previous H4 low at 1.08000. Price gained strong momentum during the NFP release after being in consolidation for the week. Price dropped by a strong push away from supply dropping 100 pips back to the previous H4 low at 1.08000 hitting my 1st target and closed the week at 1.08000.
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Looking into GBPUSD, price rallied into a major H4 supply zone at 1.28480 & 1.27950 which was the origin of the previous major drop to the H4 & daily demand zone at 1.25270 & 1.24800. Price filled the major H4 & daily range from the major H4 supply zone to the H4 & daily demand zone and back to the major H4 daily supply zone. Price rallied to the major H4 supply at 1.28000 and formed rejections with candle closes inside supply on H1 & H4. Price dropped to 1.27600 then retraced back to supply and consolidated inside supply. Price formed a strong H4 rejection wick with candle closes below supply followed by a strong H4 bearish engulfing candle confirming the shift in market structure to bearish. Took sell positions on 4th June during NY session at 1.27948 with SL at 1.28400. Setup taken was a rally base drop, a reversal setup and my target was the 1st H4 low at 1.26900. Price gained momentum after the NFP release and strongly dropped 100 pips to 1.27100 and closed the week at 1.27120 missing the target by a few pips.
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