Have a look at the main chart of the weekly TF! Here we can see that the price has been confined in a downward channel. The nearby green horizontal lines represent the concrete support and resistance levels drawn from the Monthly charts. Shall the current ascending trendline inside the channel break, we could see the selling pressure build up towards the crucial support level at 74.500!
For the current consolidation ascending trendline inside the channel to break, it would be favorable for the weekly candle to break convincingly after which a slight retracement is required before going SHORT on this pair!
There is one more catch to this trade. have a look at the attached image above which shows the monthly TF picture of this pair confined in a long term triangle which has been respected on numerous occasions. So therefore we not only await for the weekly candle to close below the trendline but most importantly we must see the monthly candle close outside this triangle. If this all criteria are met, its an excellent chance to go SHORT on this pair!
This just represents my analysis and outlook of this pair at the moment. shall the trade criteria be met i will post the details in a new post. Cheers
For the current consolidation ascending trendline inside the channel to break, it would be favorable for the weekly candle to break convincingly after which a slight retracement is required before going SHORT on this pair!
There is one more catch to this trade. have a look at the attached image above which shows the monthly TF picture of this pair confined in a long term triangle which has been respected on numerous occasions. So therefore we not only await for the weekly candle to close below the trendline but most importantly we must see the monthly candle close outside this triangle. If this all criteria are met, its an excellent chance to go SHORT on this pair!
This just represents my analysis and outlook of this pair at the moment. shall the trade criteria be met i will post the details in a new post. Cheers
