The price for this pair has recently been strongly rejected by a powerful confluence of downward forces. It is highly likely that we will see it goes down to the main body of the major pitchfork
. But the SL might be retested before that. Stoch
must be closely observed for confirmation. A typical action involves Stoch
going down to the oversold zone, then quickly moves up again above 80s, where a bearish
crossover would be the final sign of a vigorous downward move. From the perspective of the monthly chart, though, for an active investor, it would be enough to announce the strong candidate for the absolute high point of the movement beginning from September 2011 as the most recent top occurred in June 2015. The rest of the work is down to lower time-frame analyses.