Ok so let's start off by previous week we had a very defined downtrend because of the strong yen
But now It looks like the trend is losing momentum and got overextended a good time to buy and I see this as a counter trading oppurtunity
I used from a technical strategy the fibonacci levels that I had drawn for you but I kept it simple for you guys.
On The daily it look like price is at an fiboncci retracement level and looking closer there is a falling wedge
wich means bears lose momentum and maybe bulls jump and rise the price to previous support wich is also a 618 fib level
Also notice the underlying strenght on RSI indicating bears are excausted
But now It looks like the trend is losing momentum and got overextended a good time to buy and I see this as a counter trading oppurtunity
I used from a technical strategy the fibonacci levels that I had drawn for you but I kept it simple for you guys.
On The daily it look like price is at an fiboncci retracement level and looking closer there is a falling wedge
wich means bears lose momentum and maybe bulls jump and rise the price to previous support wich is also a 618 fib level
Also notice the underlying strenght on RSI indicating bears are excausted
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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.