Similar to the NZDUSD scale in opportunity
Positive confluence:
- Tweezer top setup
- Key support turned resistance line at 0.733
- Coincides with overall 0.5 Fib retracement of long term channel
- 50 EMA resistance near tweezer tops
- Protection from 3+ year down sloping trend line
- MACD divergence at the top of the channel, remains in keeping with move lower
- Intraday chart shows 50 Fib retracement of recent move lower
- Macro = impending drop in commodity and iron ore pricing
Negative confluence
- May move further north to meet 50EMA, but reversal pattern appears to negate this
- Weekly chart does not have a classical reversal candle like NZDUSD
Positive confluence:
- Tweezer top setup
- Key support turned resistance line at 0.733
- Coincides with overall 0.5 Fib retracement of long term channel
- 50 EMA resistance near tweezer tops
- Protection from 3+ year down sloping trend line
- MACD divergence at the top of the channel, remains in keeping with move lower
- Intraday chart shows 50 Fib retracement of recent move lower
- Macro = impending drop in commodity and iron ore pricing
Negative confluence
- May move further north to meet 50EMA, but reversal pattern appears to negate this
- Weekly chart does not have a classical reversal candle like NZDUSD
