Hello guys,
Long time no see!! I have been away from trading for some time, but decided to go back.
On chart, we can see a strong support area close to the 61,8% retracement of the previous uptrend at 4760. We have found support on 4820 level and reversed locally. There is ma200 in this area as well, making a strong support area (shown in green lines). Now globally speaking, we are moving inside a upward channel, but there is a chance of this become a bearish flag (I don't believe so, based on macro scenario surrounding Us Dollar against emerging currencies). While price stays inside the white lines, we are withnessing an accumulation phase. I'm expecting a pivotal movement after 5463 level being conquered by the bulls, but the price must stay inside the channel, otherwise the bear flag would be activated. Also, we need a candle closing above this level for a clear confirmation. The targets can be seen in blue on chart.
If you liked the idea, please hit the thumbs up button. Your support is strongly appreciated. Also feel free to write a comment below! I hope you guys have a nice day and good trades!
Follow the graphh!!!!!
Long time no see!! I have been away from trading for some time, but decided to go back.
On chart, we can see a strong support area close to the 61,8% retracement of the previous uptrend at 4760. We have found support on 4820 level and reversed locally. There is ma200 in this area as well, making a strong support area (shown in green lines). Now globally speaking, we are moving inside a upward channel, but there is a chance of this become a bearish flag (I don't believe so, based on macro scenario surrounding Us Dollar against emerging currencies). While price stays inside the white lines, we are withnessing an accumulation phase. I'm expecting a pivotal movement after 5463 level being conquered by the bulls, but the price must stay inside the channel, otherwise the bear flag would be activated. Also, we need a candle closing above this level for a clear confirmation. The targets can be seen in blue on chart.
If you liked the idea, please hit the thumbs up button. Your support is strongly appreciated. Also feel free to write a comment below! I hope you guys have a nice day and good trades!
Follow the graphh!!!!!