Market found some support at weekly level
Got what looked like an inverse head and shoulders on the 1hr
the right should coincided with the 61.8 Fib giving an area of value to take the long.
Dollar index was at the bottom of a h4 range poised to make a leg to the upside and EU had created a double top indicating weakness
Price has popped back up into 1.1260 which is the top of the range and hasn't been breached on the last 3 attempts
Dollar index in appreciating causing dollar crosses to gain strength.
On the 1 hour we have what looks like a head and shoulders
Im entering on what looks the the top of the right shoulder which has popped up into the 1.1260 resistance and formed a pin bar
EU has been in downtrend for the past 12 months and has created a falling wedge on the weekly indicating that bulls are getting stronger. Bulls have found some support at 1.1110 which was last tested in May 2017. staying on the weekly there is a 60 pip demand zone between 1.1110-1.1170 which we have dipped into 4 times since April 22nd, each time bull have...
The Dollar has appreciated as the FED have announced a rate hike as early as March is on the table. Commodity prices have struggled in this environment and hurt the Aussie dollar. I see this pair making a new low as more bears enter the market. This technical set see's a strong downtrend with a pullback failing to close over the 0.61% fib level and downward...
Bearish pennant formed indicating a continuation of the downtrend. This market is coming up to an area of resistance which should trigger some movement to the downside and make a new low. NFP later this week so hopefully out before that.