H1 : Nice short term recovery towards nearly the 61.8% Fib ret (58527) from the
expected target(56532) reached yesterday.
Second failure attempt toe recover above the clouds resistance area.
Recent price action is showing a potential double bottom in progress... without great
conviction !
A failure to hold above the former low @ 56466 would directly put the focus on the 55000 area,
which is a small congestion zone support seen in the past.
Interesting to note the fragility of the 56500-55000 trading range !!!
In order to neutralise the ongoing bearish price action, we need to see a recovery which should
hold above the 58100 area (above the clouds)
M15 : 2 short term downtrend lines in this time frame and the last short term uptrend line
broken by the failure to hold above the clouds.
Watch the clouds as one of the first indicator which will show the direction.
Have a nice trading day
All the best
Take care
expected target(56532) reached yesterday.
Second failure attempt toe recover above the clouds resistance area.
Recent price action is showing a potential double bottom in progress... without great
conviction !
A failure to hold above the former low @ 56466 would directly put the focus on the 55000 area,
which is a small congestion zone support seen in the past.
Interesting to note the fragility of the 56500-55000 trading range !!!
In order to neutralise the ongoing bearish price action, we need to see a recovery which should
hold above the 58100 area (above the clouds)
M15 : 2 short term downtrend lines in this time frame and the last short term uptrend line
broken by the failure to hold above the clouds.
Watch the clouds as one of the first indicator which will show the direction.
Have a nice trading day
All the best
Take care
