Price moved down from WM3 this week and is currently at WM1 which is the profit zone for bears. We could see bears taking profit at this level of support which will move price back up and then next week bears might enter again at the fib level/role reversal (0.74240). But today being NFP, We are not too certain what will happen, if NFP comes out positive we could see this go even lower and maybe to the next level of support which is 0.73301 and if NFP is negative we might see price move up to our level of resistance which is where bears would like to sell next week.
On the H1 chart price seems to have formed a double bottom but this was expected because we are at the weekly profit zone. Bulls will want to wait for a higher high and buy the pullback whereas a bear would wait till price moves up higher and then sell because bears want to sell high.
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Graduate in Bcom Human Resources Management. I am a full time Currency Trader and Market Analyst using technical and fundamental analysis, I have been trading in the Forex market since 2016. I am also a part time student at the University of Johannesburg studying Finance and Investment Management. I am always looking to learn and improve my skills as a professional, consistent and successful Trader & Investor for above average returns and a better understanding of the financial industry and financial markets.