From our weekly timeframe, last week we closed with a candle showing lots of seller exhaustion and a very small bullish body. Sellers have been showing this exhaustion since early August. From a daily perspective overall we are quite bearish but the seller exhaustion is blatant and price has pushed up significantly 2 days in a row. From the 4H, we see the new bullish leg has been quite strong with some wicks but mostly large bullish bodies.
This week, I'll be looking for resistances to break and demand to be retested. If break of resistances fail, I'll be vigilant for short trades.
Also, global markets are pretty dovish so I'll take that into account as well.
This week, I'll be looking for resistances to break and demand to be retested. If break of resistances fail, I'll be vigilant for short trades.
Also, global markets are pretty dovish so I'll take that into account as well.
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Daily candle finished with sellers in control showing bearish engulfing vibes. Very small wick at the bottom is showing the strength and momentum of the sellers. Also to note we are roughly 13 pips away from the double bottom retest.