1. After the break of the rising wedge is confirmed, the pair has consolidated and form a descending triangle indicating bearish momentum.
2. The pair has broken out of the neckline at 144 region with a bearish Marubozu and closed extremely bearish at 141.6 region. The pair seem to found some minor support on the Psychological level 141 before bouncing back towards the 141.6 region. With the strong bearish momentum in play, I will be expecting a minor pullback to 142.5 before it continue downwards to the next support at 139.5.
3. If 142.5 held as resistance, the immediate downside target would be 139.5 region. A clear break below 139.5 would expose the pair to further downside at 135.75 & 132.5 which is the measured objectives for the rising wedge and the H&S. On the flipside, a close above 142.5 would prompt a deeper pullback towards 144 region. A sustained break above 144 would negate the bearish view of the pair.
Bias
Long-term: Bearish
Short-term: Bearish
2. The pair has broken out of the neckline at 144 region with a bearish Marubozu and closed extremely bearish at 141.6 region. The pair seem to found some minor support on the Psychological level 141 before bouncing back towards the 141.6 region. With the strong bearish momentum in play, I will be expecting a minor pullback to 142.5 before it continue downwards to the next support at 139.5.
3. If 142.5 held as resistance, the immediate downside target would be 139.5 region. A clear break below 139.5 would expose the pair to further downside at 135.75 & 132.5 which is the measured objectives for the rising wedge and the H&S. On the flipside, a close above 142.5 would prompt a deeper pullback towards 144 region. A sustained break above 144 would negate the bearish view of the pair.
Bias
Long-term: Bearish
Short-term: Bearish