Pros: The price has rejected a weekly resistance level and broke the rising wage. It is now retesting the trendline of the rising wage at the 0.50 Fibonacci Retracement level. The price also failed to make a higher high and instead made a lower low. This level has acted as both support and resistance and has recently been respected.
Cons: On the daily and 4H charts, the price closed above the 50EMA, suggesting that it may rally up during the Asian Session to reach the 0.618 level. Before, opening a SELL position, I would wait for a few hours to identify the market direction at least 1-2 hours after Tokyo opens on Monday morning.
Cons: On the daily and 4H charts, the price closed above the 50EMA, suggesting that it may rally up during the Asian Session to reach the 0.618 level. Before, opening a SELL position, I would wait for a few hours to identify the market direction at least 1-2 hours after Tokyo opens on Monday morning.