False breakout from bullish trend. Multi time frame analysis shows the daily chart is still at an uptrend and the "bearish channel" we see on the hourly is just a pullback on the daily. HEAVY news coming for australia in 7hrs (Market composite PMI and market services PMI) expecting to be more than consensus but we wont know until it comes out. Check myfxbook.com for the economic calendar. My 20,50,200 ema's are all starting to fan out below the market further showing me bullish pressure. The ema's added with a potential bullish descending triangle WITH retest, and daily chart with a UT present all tells me its going to continue to UT.
Comment:
TP was set from the daily at next possible resistance level