Hello friends!
Several important candles will be closing tomorrow (e.g., the 9D), so I will focus on the next 24 hours in this update and save a more detailed analysis for tomorrow.
Yesterday's forecast was for consolidation to resume after previous day's rally. As expected, prices did fall from 1.64 down to 1.50 before bouncing back slightly.
Key indicators to watch today are the LSMA and the daily's pattern. LSMA is falling in most timeframes, leading to wider Bolligner bands, and thus bigger price movements. The daily pattern indicates lower lows
Intraday (next 24 hours)
Summary: Test of 1.50 today. If broken, expect prices to fall towards 1.41
3H - The day looks to start sideways with a downward bias and very narrow B-bands. Prices could again test 1.50 (lower aqua B-band). Pattern indicates lower lows with green EMA lower than white EMA.
6H - All indicators are descending. Prices will gravitate towards the lower aqua B-band (1.48), but will have to break 1.50 to fall lower
12H - The first half of the day is looking sharply down. LSMA is falling and B-bands have expanded. Green EMA is very low and much lower than white EMA. However, with white EMA only slightly below level 50, prices may not break down to the lower orange B-band. However, if 1.50 (lower aqua B-band) does not hold, expect prices to fall towards 1.41
1D - The daily pattern starts looking as though upward momentum could set in with the green EMA slightly above LSMA and RSI while the white EMA is nearly at level 50. However, a decline in prices during the day could easily turn the green EMA lower. If this occurs and green continues to descend lower than white EMA, lower lows are in store. For the day prices may remain around 1.50 (lower white B-band), but could easily fall to the lower aqua B-band (1.41). Also, note that prices are firmly under the 50-day MA now.
Multi-day
I will provide more detailed analysis tomorrow, however, the 3D (24h left) is likely to close with green and white EMA below level 50 suggesting that prices may move to the lower white B-band in the next candle (1.30) while the 4D (3 days left) has green below level 50 and the 5D (4 days left) is at 53 currently. This supports the forecast that prices will continue to move down in the next several days.
Overall, across most timeframes (2, 3, 4, 5, 9, 10 day), the forecast of consolidation to 1.20 or lower continues to strengthen. It is worth noting that the 6D and 8D are exceptions. I will explore this in more detail tomorrow, but caution is advised whenever charts are not unanimous (however this is usually the case).
Good luck and good fortune!
Several important candles will be closing tomorrow (e.g., the 9D), so I will focus on the next 24 hours in this update and save a more detailed analysis for tomorrow.
Yesterday's forecast was for consolidation to resume after previous day's rally. As expected, prices did fall from 1.64 down to 1.50 before bouncing back slightly.
Key indicators to watch today are the LSMA and the daily's pattern. LSMA is falling in most timeframes, leading to wider Bolligner bands, and thus bigger price movements. The daily pattern indicates lower lows
Intraday (next 24 hours)
Summary: Test of 1.50 today. If broken, expect prices to fall towards 1.41
3H - The day looks to start sideways with a downward bias and very narrow B-bands. Prices could again test 1.50 (lower aqua B-band). Pattern indicates lower lows with green EMA lower than white EMA.
6H - All indicators are descending. Prices will gravitate towards the lower aqua B-band (1.48), but will have to break 1.50 to fall lower
12H - The first half of the day is looking sharply down. LSMA is falling and B-bands have expanded. Green EMA is very low and much lower than white EMA. However, with white EMA only slightly below level 50, prices may not break down to the lower orange B-band. However, if 1.50 (lower aqua B-band) does not hold, expect prices to fall towards 1.41
1D - The daily pattern starts looking as though upward momentum could set in with the green EMA slightly above LSMA and RSI while the white EMA is nearly at level 50. However, a decline in prices during the day could easily turn the green EMA lower. If this occurs and green continues to descend lower than white EMA, lower lows are in store. For the day prices may remain around 1.50 (lower white B-band), but could easily fall to the lower aqua B-band (1.41). Also, note that prices are firmly under the 50-day MA now.
Multi-day
I will provide more detailed analysis tomorrow, however, the 3D (24h left) is likely to close with green and white EMA below level 50 suggesting that prices may move to the lower white B-band in the next candle (1.30) while the 4D (3 days left) has green below level 50 and the 5D (4 days left) is at 53 currently. This supports the forecast that prices will continue to move down in the next several days.
Overall, across most timeframes (2, 3, 4, 5, 9, 10 day), the forecast of consolidation to 1.20 or lower continues to strengthen. It is worth noting that the 6D and 8D are exceptions. I will explore this in more detail tomorrow, but caution is advised whenever charts are not unanimous (however this is usually the case).
Good luck and good fortune!