DislikedBeen watching Oz for a while. On the monthly chart, the April bullish engulfing candle at the end of the large move down started to look interesting. May's failure to close below the April candle can also be significant. It's far too early to tell with any degree of convicition but can it be an attempt to halt price and setup a retrace back up towards the 0.8700 area? {image} On the daily chart below, obviously today's candle still needs to close but a bullish W chart pattern formed here with its base at demand becomes interesting. {image} On the...Ignored
Here is my perspective
Monthly, A strong bullish pa formation formed 2 candles ago, but wasn't in any demand and just broken through a key s/r hence the fairly strong bear bar following it:
Weekly view, we have a bull engulf out of demand but the demand isn't strong and we are in a down trend on weekly... supply zone above looks very good
Daily view, many nice recent bull engulfs helping price to slowly rise up, but also compressing on way up... Yellow line marks perimeter of weekly supply zone..
H4 view, broken out of wedge structure (green tl) and also taken out the bear engulf which was capping the down side to the left
Now I think we head up from here to that weekly supply. How we get there could be straight up from here and look for longs on h1, or we break down to that purple box just below price on h4, and up from there. Would be nice to see some h4 bull engulf pa to hide stop behind. Once we get to the weekly supply I think market will begin to turn make its longer term move down again...