I and the Alkaline team got involved in an early buy position on this pair which has been extremely rewarding. I will be looking for a second buy position into the significant structure marked if we manage to see rejections from the horizontal ray, let's see how price develops on Monday. Have a great trading week everyone!
COT Data - 50/50
Price is currently testing a long term downtrend resistance. The price action brokeout below the pullback trendline support and it's currently consolidating( ranging) in a rectangular pattern. A break below the range support could lead to further dip.
I believe this will take a big fall, price appears to be heading towards its previous high and is moving away from my key level
I am going to wait until price breaks this support zone and the trend line before selling
As we can see from the chart, price has broken through support and is now consolidating above another level of support
It did this previously and then dropped to the next support level
I expect the same thing to happen here, just waiting for confirmation before we take the sell