USDSEK continues at historic highs. Yesterday it made another attempt to break 9.688 resistance area but once again it failed, this is the 3rd attempt and the 3rd fail recently. The day ended with a pretty big inverted hammer candlestick what is also a bearish signal. When looking at RSI we see that it is also loosing strength with each attempt to break the resistance, probably meaning that the bulls are not strong enough.
I expect it to make a relieve move to 9.471 support area where not only the horizontal support but also the trendline coming all the way from January will come into play. What will happen there? No idea but I expect a bit of a consolidation move between these support and resistance area.
Lets look at the 4H to see how I intend to play this pair:
I would like to see the pair making another weak attempt to break above the highs and fail. Then I will enter the trade on the break of the black line. If the pair goes straight down I am afraid I will miss the opportunity and will wait for the next pullback.
Trade safe!
I expect it to make a relieve move to 9.471 support area where not only the horizontal support but also the trendline coming all the way from January will come into play. What will happen there? No idea but I expect a bit of a consolidation move between these support and resistance area.
Lets look at the 4H to see how I intend to play this pair:
I would like to see the pair making another weak attempt to break above the highs and fail. Then I will enter the trade on the break of the black line. If the pair goes straight down I am afraid I will miss the opportunity and will wait for the next pullback.
Trade safe!
Comment:
As expected, it ran without me