Since the pair failed to hold inside the daily Cloud it has dropped off
significantly. We have a new monthly and weekly pivot point in place.
The monthly is at 8400 and the weekly 7250. We have to go all the way
to this hourly timeframe to see some signs of relief from the bearish
trend, as price now is probing above the Cloud, with a twist in place too.
We also see bullish divergence on the Osc. at the bottom. This could be
the start of a retracement and new pivots will also act with gravity- on
price. So chances are good that we will see a test of the weekly pp for
a start. If price breaks above it and hold (7250 level), this could be
the start of a retracement on the H4 tf as well, which would increase
chances for a move to the new monthly pp at 8400. If price fails and
sell of by the weekly pp, chances are that more downside will come,
especially if price breaks below the Cloud again on this timeframe.
Overall, Trend is bullish on the weekly timeframe, and bearish on the
daily and H4 tf. Previous buy signal on the H4 tf failed and before
we see another buy signal on that timeframe, there is no need to try
call for a bottom.
significantly. We have a new monthly and weekly pivot point in place.
The monthly is at 8400 and the weekly 7250. We have to go all the way
to this hourly timeframe to see some signs of relief from the bearish
trend, as price now is probing above the Cloud, with a twist in place too.
We also see bullish divergence on the Osc. at the bottom. This could be
the start of a retracement and new pivots will also act with gravity- on
price. So chances are good that we will see a test of the weekly pp for
a start. If price breaks above it and hold (7250 level), this could be
the start of a retracement on the H4 tf as well, which would increase
chances for a move to the new monthly pp at 8400. If price fails and
sell of by the weekly pp, chances are that more downside will come,
especially if price breaks below the Cloud again on this timeframe.
Overall, Trend is bullish on the weekly timeframe, and bearish on the
daily and H4 tf. Previous buy signal on the H4 tf failed and before
we see another buy signal on that timeframe, there is no need to try
call for a bottom.
