On the weekly timeframe we can see price rejecting the 149.500 level. Once price closed last week it formed an inverted hammer candle which is normally a sign of reversal. Over price has been bullish despite the large dip down in the last several weeks. Let’s go down to the lower timeframe to see how it’s looking.
The h4 timeframe is still bearish but we did have a breakout of the trendline that was forming from the consecutive lower highs and lower lows. I will be patient on this one as we wait for a break out to the side followed by a retest before going long!
The h4 timeframe is still bearish but we did have a breakout of the trendline that was forming from the consecutive lower highs and lower lows. I will be patient on this one as we wait for a break out to the side followed by a retest before going long!