As we approach the open for the new week, if predictions are in order then I would have to say that the charts says more down than up.
First off, the long term trend on the Daily chart is still clearly down, and if anything, it shows an obligatory 62% trend retrace to 131.02 has already taken place.
On the 4 hour chart, the 89 sma is trending down. The price failed at the 89 sma two sessions ago. On a 30 minute chart, while the price is above the most recent significant low of 122.21, the recent high of 126.40 is just another upside retrace of almost 50% in the overall trend down. The price may yet pop up to make an exact 50%, or even 62% retrace, however the overall picture, to me anyway, is of a continuing downward bias.
First off, the long term trend on the Daily chart is still clearly down, and if anything, it shows an obligatory 62% trend retrace to 131.02 has already taken place.
On the 4 hour chart, the 89 sma is trending down. The price failed at the 89 sma two sessions ago. On a 30 minute chart, while the price is above the most recent significant low of 122.21, the recent high of 126.40 is just another upside retrace of almost 50% in the overall trend down. The price may yet pop up to make an exact 50%, or even 62% retrace, however the overall picture, to me anyway, is of a continuing downward bias.