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In my previous post analysis , i predicted that price reverse was likely due to the bullish divergence (purple arrows). However price had to form a bearish engulfing candle so it passes the 20SMA & trend-line resistance (black Line). Furthermore price had to retest the trend-line (labeled) to signal that the price reversal was complete. This is exactly what ...
A few points below are likely to show that price is about to reverse , turning bullish.
1) Price has reached D1 horizontal support
2) H1 & H4 charts showing a bullish divergence (purple arrows)
3) Bearish momentum seems to be ending due to the small bear candles forming.
However before committing to a long trade, am waiting to see the formation of a bullish ...
D1 & H4 charts has been showing a bullish divergence (purple arrow lines) for a while now so maybe now price staring to reverse. On H4 chart price has already to raise but it has to 1st pass the 20 SMA & the trend-line resistance (black line) to clearly signal that price will remain bullish.
As per my prediction earlier about 17hrs ago, price initially rose up to the tread line resistance , then started selling off. Next target at trend line support (about 40pips)
i) Price likely to retest trend line resistance before continuing to sell off
ii) Price might just continue to sell off after retest of trend line