wave 5 hit 61.8 extension target and is showing signs of deceleration. price has wicked above previous highs so a pullback to complete wave 2 on a macro level before a run higher.
price broke below last months low at .65443 but shot back above and we are now trading between the previous months high and low (red lines). price has broken the descending trend line and I am expecting it to push up further and test the last notable lower high at .6727 to hit retail stops and trigger any buy orders just above that price point. Another factor...
Weekly - Broke 147.50 level (strong resistance) and made new higher high.
Retested previous resistance turned support.
Daily - Rejection of 38.2% Fibonacci level which lines up with 147.50 resistance on weekly time frame.
Price formed a decending wedge which broke to the upside and enticed breakout traders to go long. Those who are already holding short will have here stop above the previous lower high where traders will also have buy stops, these will be triggered during the news release. Price will then drive down and take out the stops of the breakout traders and those who had...
Daily time frame shows possible retracement to support (previous resistance) at 1.3250.
4 hour chart shows price stalling and consolidating around the 1.36 level.
On 1 hour chart we can see price break and retest the 4 hour consolidation before stalling going into the Asian session.
The 15 minute shows a clear wedge forming going into the Asian session, we can...
