SNXUSD Bulls Prepare for Re-Entry as the Market Structure Shifts Upward
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SNXUSD Analysis – Bulls Prepare for Re-Entry as the Market Structure Shifts Upward
SNXUSD bulls prepare for re-entry as the market structure shifts upward, above the demand zone at $1.40. Until the shift in the market structure around the $2.10 zone, the market order flow had been bearish. The local high of the SNXUSD was reached on the 1st of April this year. Ever since then, the market has been crashing downward and turning every support level above $1.40 into resistance.
SNXUSD Significant Zones
Demand Zones: $2.10, $1.40
Supply Zones: $3.40, $4.40
As the market broke below the previous support at $4.40 on the 6th of May, 2022, the market formed an order block which was used as a re-entry zone for the bears on July 28, 2022. The market kept sinking downward until the demand zone at $1.40 was reached, which was inside an oversold region of the RSI indicator. The rejection of price upward at the $1.40 demand zone made the bulls storm the market, thereby breaking the market structure to the upside.
On the 22nd of June, 2022, the market broke the daily high formed on the 31st of May, 2022. The downward cross by the Simple Moving Average (SMA) and the reaction of the market as the price hit the supply zone at $4.40 gives an impression that the SNXUSD bulls are out of the market, but this might not be the bear season because of the shift in market structure to the upside that occurred on the daily timeframe in June 2020.
Market Expectation
The expansion of prices upward by the bulls on the 27th of July, 2022, was due to the reaction of the market towards the consolidation above $2.80. The consolidation was also a result of the bullish factor, which was the order block formed below it in the four-hour time frame. Currently, the market structure has been broken upward in the four-hour time frame. The market is therefore expected to continue rallying upward until the upper consolidation above the $3.40 resistance is reached.
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