The pair is reaching the 1.334 area where there lies a key area of resistance (SZ + FIB) and on the lower time frames it’s rejecting the previous Asia session high.
Bearish Bias: Clear rejection with the close of the 4hr candle could confirm bearish movement back down to 1.32 psycho level. Bearing in mind the pair has been in an overall uptrend from the 18th July with movement of over 300+ pips.
Bullish: would need to see a clear break + retest of 1.334 area alongside downside movement of Oil which is likely given it is currently hovering around 4hr TL. Could open up doors to 1.34 followed by highs seen on 18th July around 1.343.
Oil:
DXY:
Bearish Bias: Clear rejection with the close of the 4hr candle could confirm bearish movement back down to 1.32 psycho level. Bearing in mind the pair has been in an overall uptrend from the 18th July with movement of over 300+ pips.
Bullish: would need to see a clear break + retest of 1.334 area alongside downside movement of Oil which is likely given it is currently hovering around 4hr TL. Could open up doors to 1.34 followed by highs seen on 18th July around 1.343.
Oil:
DXY:
Trade closed: target reached:
Entered a short at 1.334, 100 pips bagged from 2 TP's
Comment:
Could've entered a short term buy on bounce of TL! Secure another 50+ pips