Daily Support:
1) Weekly PP 1,1240
2) Kijun Sen 1,1140
3) Confl. Monthly PP/Weekly S1/Kumo Cloud 1,11
Daily Resistance:
1) Trendline 1,13
2) Monthly R1/Weekly Kijun Sen 1,1360-70
3) Weekly R1 1,14
4) Yearly S1 1,1460
A dollar bearish FOMC with a break and hold above
Yearly S1 at 1,1460 will expose Monthly R2 at 1,1740
and above, the 38,2 fib of the whole large bearwave
from multiyear high, at approximately 1,18 (1,1815),
also note the completion of ABCD pattern at 1,1775.
A dollar bullish FOMC would need to see price push
below the Kumo cloud and the previous swing low
at 1,0820, on a hold/close basis, for further downside
continuation.
Price stands at strong resistance with a long term
trendline, multiple highs and pivot confluence zone
and with elevated volatility expecations, it is more likely
there will be a break out in either direction. Since daily
trend is bullish and retail crowd is still net short, though
in a decreasing number as of late, perhaps bias is to the
upside. Maybe a drop/wash and rinse of the 1,1050 is
in the card first. A neutral statement may see further
consolidation going forward.
1) Weekly PP 1,1240
2) Kijun Sen 1,1140
3) Confl. Monthly PP/Weekly S1/Kumo Cloud 1,11
Daily Resistance:
1) Trendline 1,13
2) Monthly R1/Weekly Kijun Sen 1,1360-70
3) Weekly R1 1,14
4) Yearly S1 1,1460
A dollar bearish FOMC with a break and hold above
Yearly S1 at 1,1460 will expose Monthly R2 at 1,1740
and above, the 38,2 fib of the whole large bearwave
from multiyear high, at approximately 1,18 (1,1815),
also note the completion of ABCD pattern at 1,1775.
A dollar bullish FOMC would need to see price push
below the Kumo cloud and the previous swing low
at 1,0820, on a hold/close basis, for further downside
continuation.
Price stands at strong resistance with a long term
trendline, multiple highs and pivot confluence zone
and with elevated volatility expecations, it is more likely
there will be a break out in either direction. Since daily
trend is bullish and retail crowd is still net short, though
in a decreasing number as of late, perhaps bias is to the
upside. Maybe a drop/wash and rinse of the 1,1050 is
in the card first. A neutral statement may see further
consolidation going forward.