We believe that this pair is not totally ready to fall full steam ahead. We believe there will be a slight pull back to close the gap that was made over the bank holiday. Then we will see this pair come down quicker than a running train. Look out for an update on this currency pair, however our overall bias is still Bearish.
NOTE: EXPERIMENTAL CHART ANALYSIS - "Fibonacci circle magnetism web"
Created using unorthodox methods of overlaying fib circles to create a 'webbed magnetism grid' (hidden for clarity) & incorporating knowledge of 'occult' symbolism.
Horizontal lines denote 'orbital pivot points'.
Thick black lines - predicted avg trend lines based on analysis.
Thin black lines...
While the supply disruption caused by Iranian/Venezuelan sanctions and Lybian civil war were the main drivers of the rally at the beginning of the year it seems that the fundamentals are changing. In a few weeks from now the OPEC members are deciding whether the agreement limiting production will be extended. Although Saudi Arabia has an interest to keep prices...