SNXUSD Bulls Successfully Led the Market to a Supply Zone
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SNXUSD Analysis – Bulls successfully led the market to $4.50
SNXUSD bulls successfully led the market to a supply zone at $4.50. The impulsive downward move that ended on the 11th of April, 2022 marked the beginning of the downtrend that sank prices towards the demand zone at $1.40. The immediate rejection at the resistance level of $7.20 further decreased the chance of the bulls taking the market as prices sank and broke the previous support at $4.50.
Market Major Zones
Demand Zones: $3.60, $1.40
Supply Zones: $4.50, $7.20
The hitting of the resistance at $7.20, the market bouncing off, and the Moving Averages (MA) Cross confirmed the shift in the market structure to the downward side. In a bid to break the previous support level at $4.50, a supply zone was formed due to the accumulation of sell orders around the level. The filled sell orders already drove prices towards the demand zone at $1.40 and into an oversold region as indicated by the Stochastic RSI indicator.
The doji candlestick formed on the 18th of June, 2022, and the increased momentum and volatility afterwards revealed the traces of the bulls’ executing very large buy orders in the market. In this process, a fair value gap appears on the daily timeframe. This fair value gap must be filled as soon as the market trend turns bearish. The sudden execution of the buy orders led the market towards the broken previous resistance at $3.60. The market retraced at this level but failed to fill the FVG before rallying upward again.
SNXUSD Market Expectation
After the breakout from the flag pattern on the four-hour timeframe, the market’s order flow on the four-hour timeframe flipped bullishly. The higher highs and higher lows are expected to continue until a change in character (CHOCH) occur after taking the liquidity above the high of the July 28th daily candlestick.
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