After some days of choppy price action it seems the picture is clear for the USD.
After a long term rally the price is consolidating forming a corrective pattern that appears to be a big triangle.
Last ABC zigzag is completed. Fundamentally, after last bad NFP news i expect the USD to weaken next days.
Technical analysis.
- bouncing on trendline resistane
- bearish divergence on macd
- AB=CD pattern (purple line)
- 1.61 fib projection or first swing
- last D1 candle is a pinbar showing rejection
I expect the price to meet the 200 ema near the 95.000 level and lower trendline support. If price gets to that level i will be looking to buy.
First target: last lows
Second target: 200 ema and trendline support (near 95.000).
Regards
After a long term rally the price is consolidating forming a corrective pattern that appears to be a big triangle.
Last ABC zigzag is completed. Fundamentally, after last bad NFP news i expect the USD to weaken next days.
Technical analysis.
- bouncing on trendline resistane
- bearish divergence on macd
- AB=CD pattern (purple line)
- 1.61 fib projection or first swing
- last D1 candle is a pinbar showing rejection
I expect the price to meet the 200 ema near the 95.000 level and lower trendline support. If price gets to that level i will be looking to buy.
First target: last lows
Second target: 200 ema and trendline support (near 95.000).
Regards