In the realm of W1, the price action is clearly struggling with a resistance zone about the 1,450 handle, forming a triple-top at the mentioned level, with last week buyers rejection.
However, the week has been dominated by indecision. On both sides, sellers and buyers haven't stepped in.
The rising trendline is supporting the current uptrend. With price action already trading above the EMA and MA as a bullish bias confirmation, we should wait for further confirmation of a breakout in either way.
In a bullish breakout, we could expect price action to reach the next resistance levels, and the market would get back to a renewed uptrend bias long waiting, bringing the price to 13,500 handle and beyond.
If triple top endurance prevails, it will help create short entry opportunities, where price could test back the 6,800 handle that might encounter the 200DMA, creating a strong floor for the price action to push back to its upward momentum.
However, the week has been dominated by indecision. On both sides, sellers and buyers haven't stepped in.
The rising trendline is supporting the current uptrend. With price action already trading above the EMA and MA as a bullish bias confirmation, we should wait for further confirmation of a breakout in either way.
In a bullish breakout, we could expect price action to reach the next resistance levels, and the market would get back to a renewed uptrend bias long waiting, bringing the price to 13,500 handle and beyond.
If triple top endurance prevails, it will help create short entry opportunities, where price could test back the 6,800 handle that might encounter the 200DMA, creating a strong floor for the price action to push back to its upward momentum.
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FEEL FREE TO CHECK MY SOCIAL NETWORKS FOR MORE MARKET INFORMATION 🇺🇸 🇪🇸
INSTAGRAM:
instagram.com/og.fxtrader
FREE TELEGRAM:
t.me/ogfxtrader
TWITTER
twitter.com/ogfxtrader
FACEBOOK
facebook.com/ogfxtrader
INSTAGRAM:
instagram.com/og.fxtrader
FREE TELEGRAM:
t.me/ogfxtrader
twitter.com/ogfxtrader
facebook.com/ogfxtrader
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.