Looking for price to print a new higher high and close above 57.00 to confirm upside.
We are currently above the Daily 50ema and descending trend line and failed to make a lower low having rejected 53.75.
If we have a full body closure above 56.70 - 57.00 then we can look to go long on any form of a retrace.
If we fail to break above this structure then we can look to go short with our stops nicely protected above 57.00.
My overall bias is that this commodity has more potential to break to the upside.
If we do push higher from here then this will aid further downside for pairs like USDCAD.
Instagram: @TheTravelTrader (www.instagram.com/thetraveltrader)
Twitter: @fx_ollie (twitter.com/fx_ollie)
We are currently above the Daily 50ema and descending trend line and failed to make a lower low having rejected 53.75.
If we have a full body closure above 56.70 - 57.00 then we can look to go long on any form of a retrace.
If we fail to break above this structure then we can look to go short with our stops nicely protected above 57.00.
My overall bias is that this commodity has more potential to break to the upside.
If we do push higher from here then this will aid further downside for pairs like USDCAD.
Instagram: @TheTravelTrader (www.instagram.com/thetraveltrader)
Twitter: @fx_ollie (twitter.com/fx_ollie)