Weekly tf the EMA is providing resistance against price, monthly trend is in an ascending wedge and we are at the top of it. There is a lot of weekly consolidation at this level which is a good sign of a reversal; however, i think price will at least come up and touch the line i have marked in black in a search for liquidity before changing direction.
Comment:
Had a nice sell limit entry & been holding the position until this week specifically. With rate decisions soon approaching, a move to either side can be possible. A bounce around the .50 fib coupled with a rate hike could produce a problem for this short trade. I have taken half of my position off and will monitor both the 1hr and 4hr price action for the rest of the week for clues whether or not to hold or close the remaining position.
