2017-05-03:
Price action has been bullish for over 410 pips. One must expect it to run out of steam any time soon. The current level has peaked at a Fib Future D (1.618 Extn.) and this would suggest a reversal or pull back - which has happened and almost made a double top.
Since the pull back an inner rend line has been broken and price action has been in the sell side. However the SMA50 is not yet broken bearish. Since yesterday the price action looks like it could be in consolidation within a channel, so I'll be watching for a break below, close below the channel support at 111.954 and a possible re-test of support as resistance before a trend reversal can be considered.
Price action has been bullish for over 410 pips. One must expect it to run out of steam any time soon. The current level has peaked at a Fib Future D (1.618 Extn.) and this would suggest a reversal or pull back - which has happened and almost made a double top.
Since the pull back an inner rend line has been broken and price action has been in the sell side. However the SMA50 is not yet broken bearish. Since yesterday the price action looks like it could be in consolidation within a channel, so I'll be watching for a break below, close below the channel support at 111.954 and a possible re-test of support as resistance before a trend reversal can be considered.
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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.