The pair is approaching its long term resistance once again, after failing to sustain the upside after breaking through in early March.
An important thing to note is the long term resistance almost exactly coincides with the 0.786 Fibonacci, providing further evidence this is a key resistance.
Should we break the 0.618 resistance, we can expect upside to the long term resistance, given my long bias as the pair is trading above its 200 day moving average. Once at this point we have two more buying as shown by the red arrows.
I'll be looking at buying opportunities following a retracement from 0.618 resistance level.