The forecast for week 4 of May 2022 is a Bull week candle and a Bear daily chart candle, quite the conflict.
This assessment in no way considered financial advice.
For this week the candle produced was a solid bull response by deleting the previous week's sell price. There is a trending resistance line that this chart is heading toward. This candle has the potential to instigate a larger correction and possibly a reversal. I say this because on the month view it has hit a previously tested and rebounded support price area. The OBV is interesting because it trends down but at a lesser angle than the candle angle, this is more an observation rather than an indication.
Moving out of the week chart and onto the daily chart we can see that this week was interesting in the sense that the retracement from the brief down was much shorter than previous rallies. This induces a higher potential for correction. This currency now has an increased probability of becoming more volatile, eg larger swings. The trend is bear but the probability for it to be challenged has now increased to "likely" this week though the probability is Bull because it has been quite a few days since its departure from the trending resistance line. The volume is non-directional biased and the OBV is dictated by the long-lasting trend, it does not indicate anything specific.
This assessment in no way considered financial advice.
For this week the candle produced was a solid bull response by deleting the previous week's sell price. There is a trending resistance line that this chart is heading toward. This candle has the potential to instigate a larger correction and possibly a reversal. I say this because on the month view it has hit a previously tested and rebounded support price area. The OBV is interesting because it trends down but at a lesser angle than the candle angle, this is more an observation rather than an indication.
Moving out of the week chart and onto the daily chart we can see that this week was interesting in the sense that the retracement from the brief down was much shorter than previous rallies. This induces a higher potential for correction. This currency now has an increased probability of becoming more volatile, eg larger swings. The trend is bear but the probability for it to be challenged has now increased to "likely" this week though the probability is Bull because it has been quite a few days since its departure from the trending resistance line. The volume is non-directional biased and the OBV is dictated by the long-lasting trend, it does not indicate anything specific.
Comment:
correction: The forecast for week 4 of May 2022 is a Bull week