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The Trading Pit Week Ahead Market Outlook ( 08 -14 April) 📊🟣EURUSD, Daily:Following the NFP announcement last Friday, the currency pair's price dropped and, within the next few hours, retraced the move 100%. Drops in the price and recovery like this reveal weakness by sellers to maintain selling pressure, and possibly buyers will control the market. The price on the 4-hour chart created a market structure with a higher high, which can be taken as the first sign of the development of an uptrend. Additionally, the RSI is above 50, indicating bullishness. 🟣GBPUSD, Daily:In an attempt to resume the downward move on the 4-hour chart, last week's price created a Bearish Marubozu candle, without the sellers being able to follow through, ended falsely breaking the 1.25500 level—the price since bounced off and registered higher prices. Last Friday, after the NFP announcement, the price bounced off a Bullish Engulfing Order Block created last Wednesday. Starting Monday, if the price continues to increase, the previous week’s high will be the first R1 resistance, approximately at 1.26835. A break and rally above the R1 allows the price to move upwards until the R2 resistance, around 1.28035. A Bearish Engulfing Order Block initially started the downward move in this area. 🟣AUDUSD,Daily:Following the test of the 0.65000 area, last week's price was traded until 0.64775, but it found support and bounced off, moving upwards. On the Daily chart, the price turned from a downtrend to an uptrend, with the swing low SL(a) and the swing high SH(b) being the relevant and still in tack swings low and high, respectively. The flat 50- and 200-period moving averages indicate a trendless market. The RSI is above 50, suggesting that during the average of the last 14 trading sessions, the buyers were more potent than the sellers. Read More on our Blog 👉 https://lnkd.in/d-aEPUiX#thetradingpit #trading #market #marketoutlook #dailynews #gbpusd #eurusd
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