Whenever I'm in any doubt as to the direction, I revert back to my chart TA; namely Gann + QQE.
First chart is 4hr. QQE crossed down, but Gann has not yet. Price closed below the 5sma, (white line).
Second chart is 1hr. QQE + Gann bearish, but price above 5sma.
Signifies no trade long or short at the moment, but if 1hr 5sma breaks lower, a short opportunity might be in play. DP at 153.80 currently, so the chances of that being breached during Asian session are slim IMO. Until 154 is taken out, we wait.
On the long side, the 4hr 5sma is only a few pips away and it would not take a significant move to flip the QQE back to positive. Also the 1hr Gann is only 20 pips away. Not sure how much action we'll get before London.
First chart is 4hr. QQE crossed down, but Gann has not yet. Price closed below the 5sma, (white line).
Second chart is 1hr. QQE + Gann bearish, but price above 5sma.
Signifies no trade long or short at the moment, but if 1hr 5sma breaks lower, a short opportunity might be in play. DP at 153.80 currently, so the chances of that being breached during Asian session are slim IMO. Until 154 is taken out, we wait.
On the long side, the 4hr 5sma is only a few pips away and it would not take a significant move to flip the QQE back to positive. Also the 1hr Gann is only 20 pips away. Not sure how much action we'll get before London.