On-site guru & also FF member's' psychiatrist, when not drinking tea
- #41
- Oct 5, 2016 3:19pm Oct 5, 2016 3:19pm
- Joined Nov 2007 | Status: left CanaryWharf desk-tea break | 24,286 Posts
- #42
- Edited 5:12pm Oct 5, 2016 3:57pm | Edited 5:12pm
- Joined Dec 2015 | Status: Trader | 8,782 Posts
Do your homework, follow the footprints of smart money
- #43
- Oct 9, 2016 4:08pm Oct 9, 2016 4:08pm
- Joined Dec 2015 | Status: Trader | 8,782 Posts
GBPUSD Outlook
The pair continues to make its descent. On the weekly time frame, the pair largely respects the 8 EMA as a dynamic resistance and rejected the immediate weekly resistance zone to the downside. It has also rejected the monthly pivot which was proximal to the weekly resistance zone. The market has broken below the immediate weekly support zone, to an all-time low.
On the daily time frame, the price action has been largely constrained by the 8 EMA, it is respecting an inner trend line and has remained disposed southwards. However, the most recent candlestick indicated a strong bullish rejection of the all-time low.
Most of the technicals on the 4H time frame bear southwards but the momentum is weakening. The RSI has a slight upward tone but still flat and the most recent price action saw a strong bullish influence. However, with the market at 61.8 % Fib retracement of the GBP crash during the Asian session of Friday October 7, 2016, the doji candle formed as the last candlestick on the timeframe is a cue to wait for further price action.
I may be wrong. Trade safe and well.
KP
The pair continues to make its descent. On the weekly time frame, the pair largely respects the 8 EMA as a dynamic resistance and rejected the immediate weekly resistance zone to the downside. It has also rejected the monthly pivot which was proximal to the weekly resistance zone. The market has broken below the immediate weekly support zone, to an all-time low.
On the daily time frame, the price action has been largely constrained by the 8 EMA, it is respecting an inner trend line and has remained disposed southwards. However, the most recent candlestick indicated a strong bullish rejection of the all-time low.
Most of the technicals on the 4H time frame bear southwards but the momentum is weakening. The RSI has a slight upward tone but still flat and the most recent price action saw a strong bullish influence. However, with the market at 61.8 % Fib retracement of the GBP crash during the Asian session of Friday October 7, 2016, the doji candle formed as the last candlestick on the timeframe is a cue to wait for further price action.
I may be wrong. Trade safe and well.
KP
Do your homework, follow the footprints of smart money
- #44
- Oct 9, 2016 4:15pm Oct 9, 2016 4:15pm
- Joined Dec 2015 | Status: Trader | 8,782 Posts
USDCAD Outlook
The pair continues its ascent. On the weekly time frame, the pair is now respecting an inner trendline after a 32.8% Fib retracement in July 2016.
On the daily time frame, the pair has respected a main ascending channel (in magenta colour) since June 2016. It has recently migrated to an inner ascending channel (in Navy colour) which has rejected the monthly pivot and an adjoining weekly support zone. With the 8 EMA serving as a respectable dynamic support and the RSI well directed upwards, the momentum to the upside is fairly strong.
All the technicals on the 4H timeframe bear northwards. Price has breached the weekly resistance zone where the market has operated for most of last week and also 1.32956 which was last visited on March 24, 2016. Although, the most recent high of 1.33122 was formed on Friday October 8, 2016 by the penultimate candlestick, the last candlestick has made a bullish push apparently for a further northward drive.
I may be wrong. Trade safe and well.
KP
The pair continues its ascent. On the weekly time frame, the pair is now respecting an inner trendline after a 32.8% Fib retracement in July 2016.
On the daily time frame, the pair has respected a main ascending channel (in magenta colour) since June 2016. It has recently migrated to an inner ascending channel (in Navy colour) which has rejected the monthly pivot and an adjoining weekly support zone. With the 8 EMA serving as a respectable dynamic support and the RSI well directed upwards, the momentum to the upside is fairly strong.
All the technicals on the 4H timeframe bear northwards. Price has breached the weekly resistance zone where the market has operated for most of last week and also 1.32956 which was last visited on March 24, 2016. Although, the most recent high of 1.33122 was formed on Friday October 8, 2016 by the penultimate candlestick, the last candlestick has made a bullish push apparently for a further northward drive.
I may be wrong. Trade safe and well.
KP
Do your homework, follow the footprints of smart money
- #45
- Oct 9, 2016 4:20pm Oct 9, 2016 4:20pm
- Joined Dec 2015 | Status: Trader | 8,782 Posts
GBPNZD Outlook
The pair continues to make its descent. On the weekly time frame, the pair continues to respect the 8 EMA as a dynamic resistance and rejected the immediate weekly resistance zone to the downside. It has also rejected the monthly pivot which was proximal to the weekly resistance zone. The market has broken below the immediate weekly support zone, to an all-time low.
On the daily time frame, the price action has been largely constrained by the 20 EMA and remained disposed southwards. However, the most recent candlestick indicated a strong bullish rejection of the all-time low.
All the technicals on the 4H time frame bear southwards. However, the latest price action is at 61.8 % Fib retracement of the GBP crash during the Asian session of Friday October 7, 2016 but there is still a strong bearish influence.
I may be wrong. Trade safe.
KP
The pair continues to make its descent. On the weekly time frame, the pair continues to respect the 8 EMA as a dynamic resistance and rejected the immediate weekly resistance zone to the downside. It has also rejected the monthly pivot which was proximal to the weekly resistance zone. The market has broken below the immediate weekly support zone, to an all-time low.
On the daily time frame, the price action has been largely constrained by the 20 EMA and remained disposed southwards. However, the most recent candlestick indicated a strong bullish rejection of the all-time low.
All the technicals on the 4H time frame bear southwards. However, the latest price action is at 61.8 % Fib retracement of the GBP crash during the Asian session of Friday October 7, 2016 but there is still a strong bearish influence.
I may be wrong. Trade safe.
KP
Do your homework, follow the footprints of smart money
- #46
- Oct 9, 2016 4:28pm Oct 9, 2016 4:28pm
- Joined Dec 2015 | Status: Trader | 8,782 Posts
NZDUSD Outlook
The pair has been in a down trend since July 2014 and made a course correction in December 2015. Since then, price moved in an ascending channel and climaxed in a 50.0 Fib retracement with a pin bar/shooting star on September 4, 2016 which rejected the monthly pivot. Price is now on a descent but still within the immediate weekly support zone and was in restraint by the 20 EMA.
On the daily time frame, price is respecting an inner trendline (in magenta colour) and the technicals support further southward move.
Recent price action on the 4H time frame indicates a strong bullish influence. As the market is at the lower part of the weekly support zone, there may be a push to retest the distal part around 0.72142 or the trendline (in magenta colour), probably before a further southward drive.
I may be wrong. Trade safe and well.
KP
The pair has been in a down trend since July 2014 and made a course correction in December 2015. Since then, price moved in an ascending channel and climaxed in a 50.0 Fib retracement with a pin bar/shooting star on September 4, 2016 which rejected the monthly pivot. Price is now on a descent but still within the immediate weekly support zone and was in restraint by the 20 EMA.
On the daily time frame, price is respecting an inner trendline (in magenta colour) and the technicals support further southward move.
Recent price action on the 4H time frame indicates a strong bullish influence. As the market is at the lower part of the weekly support zone, there may be a push to retest the distal part around 0.72142 or the trendline (in magenta colour), probably before a further southward drive.
I may be wrong. Trade safe and well.
KP
Do your homework, follow the footprints of smart money
- #47
- Oct 13, 2016 10:59am Oct 13, 2016 10:59am
- Joined Dec 2015 | Status: Trader | 8,782 Posts
GBPNZD Update
The GBPNZD has continued to respect the trendlines on the weekly and daily time frames to the downside. It should be interesting to see how it reacts to the 61.8 Fib level on its pullback. See attached 4H chart.
I may be wrong. Trade safe and well.
KP
The GBPNZD has continued to respect the trendlines on the weekly and daily time frames to the downside. It should be interesting to see how it reacts to the 61.8 Fib level on its pullback. See attached 4H chart.
I may be wrong. Trade safe and well.
KP
GBPNZD Outlook The pair continues to make its descent. On the weekly time frame, the pair continues to respect the 8 EMA as a dynamic resistance and rejected the immediate weekly resistance zone to the downside. It has also rejected the monthly pivot which was proximal to the weekly resistance zone. The market has broken below the immediate weekly support zone, to an all-time low. {image} On the daily time frame, the price action has been largely constrained by the 20 EMA and remained disposed southwards. However, the most recent candlestick indicated...
Do your homework, follow the footprints of smart money
- #49
- Oct 15, 2016 4:44pm Oct 15, 2016 4:44pm
- Joined Dec 2015 | Status: Trader | 8,782 Posts
Do your homework, follow the footprints of smart money
- #50
- Oct 16, 2016 3:30pm Oct 16, 2016 3:30pm
- Joined Dec 2015 | Status: Trader | 8,782 Posts
GBPUSD Weekly Outlook
The pair has remained largely on the descent. On the weekly time frame, price continued to respect the inner trend line. The order flow is largely influenced by the bears. However, last week saw a weakening of momentum as the bulls resisted attempt by the bears to take out the low of the long-tailed bearish candle formed two weeks ago.
The daily time frame showed that the bulls had been influential last week as they pushed price up a bit but the overall sentiment favoured the bears. But since the last four daily candles formed triple inside bars in a downtrend context there is a high probability that the downtrend will continue.
Price respects the micro trend line (magenta colour) on the 4H time frame, which is in alignment with the major outlook on the weekly and daily time frames.
I may be wrong. Trade safe and well.
KP
The pair has remained largely on the descent. On the weekly time frame, price continued to respect the inner trend line. The order flow is largely influenced by the bears. However, last week saw a weakening of momentum as the bulls resisted attempt by the bears to take out the low of the long-tailed bearish candle formed two weeks ago.
The daily time frame showed that the bulls had been influential last week as they pushed price up a bit but the overall sentiment favoured the bears. But since the last four daily candles formed triple inside bars in a downtrend context there is a high probability that the downtrend will continue.
Price respects the micro trend line (magenta colour) on the 4H time frame, which is in alignment with the major outlook on the weekly and daily time frames.
I may be wrong. Trade safe and well.
KP
Do your homework, follow the footprints of smart money
- #51
- Oct 16, 2016 3:36pm Oct 16, 2016 3:36pm
- Joined Dec 2015 | Status: Trader | 8,782 Posts
EURJPY Weekly Outlook
The pair is disposed southwards. On the weekly time frame, the pair is respecting an inner trend to the downside while in a sideways mode. The last two candles formed an inside bar and a break of the downside is likely to confirm the continuation of the downtrend. Whereas a break to the upside is likely to be a retest of the nearby weekly resistance zone (around 116.70) initially but with a possible target of the outer trendline which is proximal to the next weekly support zone around 120.900.
On the daily time frame, the pair has been operating within a horizontal channel (navy colour) with a range of about 340 pips since July 2016. The most recent order flow indicates a downward move from the upper part towards the lower part of the channel. Presently the pair is respecting a mini trendline on the daily time frame to the downside (navy colour).
On the 4H time frame, after a retracement around the 61.8 Fib of a downward swing began on July 15, 2016, the pair is now operating in a downward channel (navy colour) which is respecting the mini trendline of the daily time frame. The recent price action formed a bearish rejection candlestick that tested a micro trendline on the 4H time frame and the last candle stick was a doji which formed on the micro trendline (magenta colour). This portends that price may either move upwards to retest the upper part of the channel at least or push further downwards to the lower part of the channel initially, at an area around 113.600 which is in confluence with the immediate support zone and the 23.6Fib.
I may be wrong. Trade safe and well.
KP
The pair is disposed southwards. On the weekly time frame, the pair is respecting an inner trend to the downside while in a sideways mode. The last two candles formed an inside bar and a break of the downside is likely to confirm the continuation of the downtrend. Whereas a break to the upside is likely to be a retest of the nearby weekly resistance zone (around 116.70) initially but with a possible target of the outer trendline which is proximal to the next weekly support zone around 120.900.
On the daily time frame, the pair has been operating within a horizontal channel (navy colour) with a range of about 340 pips since July 2016. The most recent order flow indicates a downward move from the upper part towards the lower part of the channel. Presently the pair is respecting a mini trendline on the daily time frame to the downside (navy colour).
On the 4H time frame, after a retracement around the 61.8 Fib of a downward swing began on July 15, 2016, the pair is now operating in a downward channel (navy colour) which is respecting the mini trendline of the daily time frame. The recent price action formed a bearish rejection candlestick that tested a micro trendline on the 4H time frame and the last candle stick was a doji which formed on the micro trendline (magenta colour). This portends that price may either move upwards to retest the upper part of the channel at least or push further downwards to the lower part of the channel initially, at an area around 113.600 which is in confluence with the immediate support zone and the 23.6Fib.
I may be wrong. Trade safe and well.
KP
Do your homework, follow the footprints of smart money
- #52
- Oct 20, 2016 6:43am Oct 20, 2016 6:43am
- Joined Dec 2015 | Status: Trader | 8,782 Posts
EURJPY Midweek Update
EURJPY is now on an upward retracement within the channel on the 4H time frame. The immediate target is likely to be the upper trendline of the channel, which is proximal to the 76.4 and 61.8 Fib levels. I may be wrong. Trade safe and well.
KP
EURJPY is now on an upward retracement within the channel on the 4H time frame. The immediate target is likely to be the upper trendline of the channel, which is proximal to the 76.4 and 61.8 Fib levels. I may be wrong. Trade safe and well.
KP
Do your homework, follow the footprints of smart money
- #53
- Oct 20, 2016 8:32am Oct 20, 2016 8:32am
- Joined Dec 2015 | Status: Trader | 8,782 Posts
EURJPY Midweek Update EURJPY is now on an upward retracement within the channel on the 4H time frame. The immediate target is likely to be the upper trendline of the channel, which is proximal to the 76.4 and 61.8 Fib levels. I may be wrong. Trade safe and well. KP {image}
KP
Do your homework, follow the footprints of smart money
- #54
- Oct 23, 2016 12:14pm Oct 23, 2016 12:14pm
- Joined Dec 2015 | Status: Trader | 8,782 Posts
EURUSD Weekly Outlook
After a long period of sideways mode, all the technicals on the weekly, daily and 4H time frames are aligned for further southern move. On the weekly timeframe, although the horizontal channel is still in play, the order flow is largely dominated by the bears and key support zones have been broken. Recent bearish price action is disposing towards a further target downside.
The situation is clearer on the daily and the 4H timefame, in particular the 4H time frame shows a strong momentum to the downside.
I may be wrong. Trade safe and well.
KP
After a long period of sideways mode, all the technicals on the weekly, daily and 4H time frames are aligned for further southern move. On the weekly timeframe, although the horizontal channel is still in play, the order flow is largely dominated by the bears and key support zones have been broken. Recent bearish price action is disposing towards a further target downside.
The situation is clearer on the daily and the 4H timefame, in particular the 4H time frame shows a strong momentum to the downside.
I may be wrong. Trade safe and well.
KP
Do your homework, follow the footprints of smart money
- #55
- Edited 4:28pm Oct 23, 2016 3:36pm | Edited 4:28pm
- Joined Dec 2015 | Status: Trader | 8,782 Posts
EURGBP Weekly Technical Outlook
The trend is primarily upwards but the sentiment of the immediate price action is for a retracement to the downside. On the weekly time frame, the pair has been on an upward trend since November 2015. It has completed two price waves to the upside. A third price wave was being completed but for the fact that the pullback (the B-C or 2-3 move) was not conclude last week. The price is still at the 32.8 Fib retracement level. Much likely the pullback will continue and target somewhere around the 50.0 and 61.8 Fib levels, a zone that is proximal to the immediate weekly support zone (0.88118 - 0.87011). Last week, a bearish rejection candle was formed which reinforced the bearish mood earlier created two weeks ago by a long tail doji.
On the daily time frame, the pair has been respecting an upward trend since September 2016 (magenta colour) but since October the mood has been bearish, the price favouring a corrective push which is respecting a counter trendline (dark blue colour). This is in agreement with the observation on the weekly time frame, very much likely price will test the 50.0 or 61.8 Fib level before any further drive to the north. Any break to the upside may target the immediate weekly resistance zone around 0.90946 or beyond.
On the 4H time frame, a bearish mode supervenes. A constellation of bearish candles formed around downward-sloping key EMAs on my system. Since the market structure on the 4H time frame still respects the daily upward trendline (magenta), it is likely that the bearish mode is a push for retesting the trendline which may be in confluence with the immediate support on the 4H time frame and near the 50.0 Fib, and erase the October 7 pound sterling crash.
I may be wrong. Trade safe and well.
KP
The trend is primarily upwards but the sentiment of the immediate price action is for a retracement to the downside. On the weekly time frame, the pair has been on an upward trend since November 2015. It has completed two price waves to the upside. A third price wave was being completed but for the fact that the pullback (the B-C or 2-3 move) was not conclude last week. The price is still at the 32.8 Fib retracement level. Much likely the pullback will continue and target somewhere around the 50.0 and 61.8 Fib levels, a zone that is proximal to the immediate weekly support zone (0.88118 - 0.87011). Last week, a bearish rejection candle was formed which reinforced the bearish mood earlier created two weeks ago by a long tail doji.
On the daily time frame, the pair has been respecting an upward trend since September 2016 (magenta colour) but since October the mood has been bearish, the price favouring a corrective push which is respecting a counter trendline (dark blue colour). This is in agreement with the observation on the weekly time frame, very much likely price will test the 50.0 or 61.8 Fib level before any further drive to the north. Any break to the upside may target the immediate weekly resistance zone around 0.90946 or beyond.
On the 4H time frame, a bearish mode supervenes. A constellation of bearish candles formed around downward-sloping key EMAs on my system. Since the market structure on the 4H time frame still respects the daily upward trendline (magenta), it is likely that the bearish mode is a push for retesting the trendline which may be in confluence with the immediate support on the 4H time frame and near the 50.0 Fib, and erase the October 7 pound sterling crash.
I may be wrong. Trade safe and well.
KP
Do your homework, follow the footprints of smart money
- #56
- Oct 23, 2016 4:05pm Oct 23, 2016 4:05pm
- Joined Dec 2015 | Status: Trader | 8,782 Posts
GBPAUD Weekly Technical Outlook
The pair is generally on the downtrend. The outer trendline on the weekly time frame is bearish and still intact. Also, price action is respecting an inner trendline on the weekly time frame to the downside. In August 2015, the pair started a downward trend and completed the first major wave to the downside in April 2016 and a retracement respecting the 61.8% Fib level. Price completed the second wave to the downside in August 2016 but the retracement was feeble is now on a second wave to the downside with far stronger bearish influence. It is now on a third wave to the downside. Recent price action saw a rejection of the support created two weeks ago, much likely a retracement to the upside is in the offing.
Since September 2016, order flow on the daily time frame is largely on the side of the bears but no significant gains had been made in terms of momentum to the downside. Recently the bulls have been struggling for control and there is a push northwards but price has respected the downward trendline (navy colour).
On the 4H time frame, the pair has largely respected the downward trendline of the daily time frame (navy colour) but recent price action represents a move to break the trend line but as the market structure is still intact, any upward move is likely to be corrective. Furthermore, the price is now operating in an ascending channel on the 4H time frame (magenta colour) in a largely downward trend.
I may be wrong. Trade safe and well.
KP
The pair is generally on the downtrend. The outer trendline on the weekly time frame is bearish and still intact. Also, price action is respecting an inner trendline on the weekly time frame to the downside. In August 2015, the pair started a downward trend and completed the first major wave to the downside in April 2016 and a retracement respecting the 61.8% Fib level. Price completed the second wave to the downside in August 2016 but the retracement was feeble is now on a second wave to the downside with far stronger bearish influence. It is now on a third wave to the downside. Recent price action saw a rejection of the support created two weeks ago, much likely a retracement to the upside is in the offing.
Since September 2016, order flow on the daily time frame is largely on the side of the bears but no significant gains had been made in terms of momentum to the downside. Recently the bulls have been struggling for control and there is a push northwards but price has respected the downward trendline (navy colour).
On the 4H time frame, the pair has largely respected the downward trendline of the daily time frame (navy colour) but recent price action represents a move to break the trend line but as the market structure is still intact, any upward move is likely to be corrective. Furthermore, the price is now operating in an ascending channel on the 4H time frame (magenta colour) in a largely downward trend.
I may be wrong. Trade safe and well.
KP
Do your homework, follow the footprints of smart money
- #57
- Oct 25, 2016 2:00am Oct 25, 2016 2:00am
- Joined Dec 2015 | Status: Trader | 8,782 Posts
GBPAUD Weekly Technical Outlook The pair is generally on the downtrend. The outer trendline on the weekly time frame is bearish and still intact. Also, price action is respecting an inner trendline on the weekly time frame to the downside. In August 2015, the pair started a downward trend and completed the first major wave to the downside in April 2016 and a retracement respecting the 61.8% Fib level. Price completed the second wave to the downside in August 2016 but the retracement was feeble is now on a second wave to the downside with far stronger...
KP
Do your homework, follow the footprints of smart money
- #58
- Oct 30, 2016 2:34pm Oct 30, 2016 2:34pm
- Joined Dec 2015 | Status: Trader | 8,782 Posts
EURGBP Weekly Technical Outlook
The pair has continued its upward move. On the weekly time frame, the pair has completed two strong price waves to the upside and a third is in progress. A piercing bullish candle formed last week seems to be an attempt by the bulls to push further upwards after a retracement two weeks ago and may target the gap created four weeks ago during the crash of the Sterling pound or at least the long tail doji created three weeks ago.
The technicals on the daily time frame are in alignment with the weekly bullish disposition of the pair. Cup-formations have been a feature of the price action of the pair for a long while and this continued. Another cup-formation is apparently in operation and is likely to take the price further north as price continues to respect an upward trendline (navy colour) on the daily time frame. Should price break the trendline to the south, it may target the immediate support around 0.88220.
I may be wrong. Trade safe and well.
KP
The pair has continued its upward move. On the weekly time frame, the pair has completed two strong price waves to the upside and a third is in progress. A piercing bullish candle formed last week seems to be an attempt by the bulls to push further upwards after a retracement two weeks ago and may target the gap created four weeks ago during the crash of the Sterling pound or at least the long tail doji created three weeks ago.
The technicals on the daily time frame are in alignment with the weekly bullish disposition of the pair. Cup-formations have been a feature of the price action of the pair for a long while and this continued. Another cup-formation is apparently in operation and is likely to take the price further north as price continues to respect an upward trendline (navy colour) on the daily time frame. Should price break the trendline to the south, it may target the immediate support around 0.88220.
I may be wrong. Trade safe and well.
KP
Do your homework, follow the footprints of smart money
- #59
- Oct 30, 2016 2:50pm Oct 30, 2016 2:50pm
- Joined Dec 2015 | Status: Trader | 8,782 Posts
GBPUSD Weekly Technical Outlook
The pair has continued its downward move. On the weekly time frame, the order flow is dominated by the bears. Although, last week a doji-like candle was formed, the bearish disposition seems to favour a likely attempt to test the low of the hammer candle formed four weeks ago.
The daily time frame reflects the observation on the weekly time frame that price still bears southwards although the price action has been largely sideways since October 12.
The technicals on the 4H time frame are in sync for a further bearish move, particularly after the 50.0 Fib retracement of the most recent swing low. Although price action has been sideways, the mini trend line on the 4H time frame has not been significantly breached. In fact, the horizontal channel on the 4H time frame supports a further bearish disposition of the pair which is still respecting the weekly resistance zone where it has operated since October 20 and the most recent price action is attempting a retest of the distal part of the weekly resistance zone.
I may be wrong. Trade safe and well.
KP
The pair has continued its downward move. On the weekly time frame, the order flow is dominated by the bears. Although, last week a doji-like candle was formed, the bearish disposition seems to favour a likely attempt to test the low of the hammer candle formed four weeks ago.
The daily time frame reflects the observation on the weekly time frame that price still bears southwards although the price action has been largely sideways since October 12.
The technicals on the 4H time frame are in sync for a further bearish move, particularly after the 50.0 Fib retracement of the most recent swing low. Although price action has been sideways, the mini trend line on the 4H time frame has not been significantly breached. In fact, the horizontal channel on the 4H time frame supports a further bearish disposition of the pair which is still respecting the weekly resistance zone where it has operated since October 20 and the most recent price action is attempting a retest of the distal part of the weekly resistance zone.
I may be wrong. Trade safe and well.
KP
Do your homework, follow the footprints of smart money
- #60
- Oct 30, 2016 3:15pm Oct 30, 2016 3:15pm
- Joined Dec 2015 | Status: Trader | 8,782 Posts
GBPNZD Weekly Technical Outlook
The pair has continued its downward move. On the weekly time frame, the order flow is dominated by the bears. Although, last week a spinning bottom was formed, the bearish disposition seems to favour a likely attempt to test the low of the hammer candle formed four weeks ago.
The daily time frame reflects the observation on the weekly time frame that price still bears southwards and the downward trend line (navy colour) on the daily time frame still holds.
The technicals on the 4H time frame are in sync for a further bearish move and the trendline still holds. Any breach of the trend line to the upside is not likely to be a reversal of the trend, much likely it will be a retracement to retest the immediate resistance zone which adjoins the 50/61.8 Fib .
I may be wrong. Trade safe and well.
KP
The pair has continued its downward move. On the weekly time frame, the order flow is dominated by the bears. Although, last week a spinning bottom was formed, the bearish disposition seems to favour a likely attempt to test the low of the hammer candle formed four weeks ago.
The daily time frame reflects the observation on the weekly time frame that price still bears southwards and the downward trend line (navy colour) on the daily time frame still holds.
The technicals on the 4H time frame are in sync for a further bearish move and the trendline still holds. Any breach of the trend line to the upside is not likely to be a reversal of the trend, much likely it will be a retracement to retest the immediate resistance zone which adjoins the 50/61.8 Fib .
I may be wrong. Trade safe and well.
KP
Do your homework, follow the footprints of smart money