SNXUSD Bulls Successfully Led the Market Into a Supply Zone
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SNXUSD Analysis – The Bears Successfully Led the Market Into a Supply Zone at $4.40
SNXUSD bulls successfully led the market into a supply zone at $4.40. The current market order flow of the market remains bullish after a change in the environment on the 20th of June, 2022. Before the change in the environment, the market had been sinking downward since April, after entering into the overbought region as indicated by the Relative Strength Index (RSI).
Market Major Zones
Supply Zones: $4.40, $7.20
Demand Zones: $2.10, $1.40
On the 11th of April, 2022, the market was rejected at the demand zone of $4.40. This demand zone pushed the price to the upside, but it was unable to break the previous high, a few pips above the supply zone at $7.20. The downtrend continued as a result of market rejection at the last order block formed within the $7.20 supply zone. This order block caused a shift in market structure that further caused a break in market structure to the downside.
When the market hit the demand zone at $2.10, the bulls struggled to drive the price upward, but the bears overrode the effort and sank the price further into an oversold region, as indicated by the RSI. The doji candlestick formed and the oversold region indication caused more bulls to storm the market as they caused a change in the environment-a bearish market order flow to a bullish market order flow. Currently, the market is consolidating around the supply zone of $4.40 with the Bollinger Bands contracting.
Market Expectation
The four-hour timeframe appears bullish as it continues to respect the four-hour trend-line. A change in character (CHOCH) and a true breakout is expected across the trend-line to sink the market towards the demand zone at $2.10.
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