We see a very clear rising wedge forming, and if you look at what happened during the last rising wedge, the price collapsed, so are we in for a repeat? Overbought signals are incredibly similar as well which further confirm that a reversal is imminent.
The last dump was immediately precipitated by the China news, which turned what should have been a moderate correction into a bloodbath for many currencies. This time around there isn't much FUD on the horizon. Still, we had trouble passing this point last week so this could form a double top and take a dip. Ultimately, I'm expecting upward movement, but waiting until we break $4,500/4,400 before making a move.