XLMUSD Analysis Oct 5, 2021
We are looking for a swing trade so I will utilize the weekly and 4 hour timeframes to make my decisions. On the weekly timeframe we look for three things in particular which are our key levels, patterns and candlestick analysis. On the 4 hour timeframe we focus on using most of our technicals which is including fibonacci, support and resistance , supply and demand zones, market structure, candlestick analysis etc.
On the daily timeframe I have my upper resistance zone marked at 0.3500. To the downside I have a support level drawn at 0.2300. As price makes it’s way up towards the resistance level I will look for short opportunities.
On the h1 timeframe we are in a steady uptrend pushing towards the resistance level. I will look for breaks and retests as we long this pair.
On the daily timeframe I have my upper resistance zone marked at 0.3500. To the downside I have a support level drawn at 0.2300. As price makes it’s way up towards the resistance level I will look for short opportunities.
On the h1 timeframe we are in a steady uptrend pushing towards the resistance level. I will look for breaks and retests as we long this pair.
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