The pair has found strong resistance at the 0.764 retracement level.
It is sort of in a quandry. It keeps sinking below the top edge of the
main downward pitchfork, but just above/ finding support (for now)
of the median line of a very effective & reasonable upward modified Schiff fork.
Many traders I think are expecting the pair to continue to rise.
If you take into account moon phases (really! - try adding them!)
it has probably reached a high point just after new moon, 8.14am (7.14 am UTC) this morning.
My suspicion, what I'm looking out for, is a collapse of the Nikkei tonight.
On the 15 minute chart it has both formed a double top, and in the process
of attempting to negotiate a head & shoulders form (if you draw lines at the right angle -
low left high right) supporting the idea it is in fact reluctantly going to drop here on.
It is sort of in a quandry. It keeps sinking below the top edge of the
main downward pitchfork, but just above/ finding support (for now)
of the median line of a very effective & reasonable upward modified Schiff fork.
Many traders I think are expecting the pair to continue to rise.
If you take into account moon phases (really! - try adding them!)
it has probably reached a high point just after new moon, 8.14am (7.14 am UTC) this morning.
My suspicion, what I'm looking out for, is a collapse of the Nikkei tonight.
On the 15 minute chart it has both formed a double top, and in the process
of attempting to negotiate a head & shoulders form (if you draw lines at the right angle -
low left high right) supporting the idea it is in fact reluctantly going to drop here on.
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.
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.