Same old Same old… not much change on this chart at all.
This market busted through a near-term dotted trend line to the upside, but the needed momentum to back it up has dried up. The Average Directional Index (ADX) line was trying to turn higher to show some trend strength building, but has fizzled out a bit. The directional index lines are all knotted up and on low momentum… a range-bound week ahead.
A signal for more range-bound trading within support 1 and resistance 1.
I wouldn't say range bound. Since the price was rejected under the technical selling pressure of the 0.786 Fibonacci retracement level and should make a quick test of the 4.6650 support, followed by our target: 3.8925