US30USD 1D resistance Broken? Are we on our way to 27,000 ?
Last analysis we talked about the daily resistance play. Daily resistance (25882) is broken which means we are going to expect higher price movement. I do see a long play as in the weekly time frame weekly midrange support (25000) held firm.
Also on the weekly timeframe the weekly candle engulfed past three weeks of price action indicating a song buyers momentum.
I see a price movement up to (26367). If price was to break this price zone the next zone is (26700). This is the last price zone before new all time highs are introduced.
If (26700) doesn't hold we will be looking for price momentum up to our weekly midrange resistance (27000). Also looking at our moving averages it is indicating us that there is more buying pressure in the market then sellers.
As far as our previous Fibonacci drawn because we didn't get a reversal pattern on one of our PRZ the Fibonacci drawn was invalid.
But as of right now lets focus on the next daily resistance level (26143). Today we saw a touch and rejection of this daily zone. We are expecting a retracement back down to (25882) before we break (26143).
Keep in mind Monthly key level resistance (26000) is currently being tested.
Also on the weekly timeframe the weekly candle engulfed past three weeks of price action indicating a song buyers momentum.
I see a price movement up to (26367). If price was to break this price zone the next zone is (26700). This is the last price zone before new all time highs are introduced.
If (26700) doesn't hold we will be looking for price momentum up to our weekly midrange resistance (27000). Also looking at our moving averages it is indicating us that there is more buying pressure in the market then sellers.
As far as our previous Fibonacci drawn because we didn't get a reversal pattern on one of our PRZ the Fibonacci drawn was invalid.
But as of right now lets focus on the next daily resistance level (26143). Today we saw a touch and rejection of this daily zone. We are expecting a retracement back down to (25882) before we break (26143).
Keep in mind Monthly key level resistance (26000) is currently being tested.
Related publications
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.