1. The pair has broken out of its rising wedges formation in the mid of April.
2. The pair has retested the broken wedge and printed a tweezer top formation signalling the reversal, confirming the changes in trend.
3. Following the signal, the pair has drop rapidly to challenge the support at 145 region. However, it failed to push below it and subsequently printed multiple Hammer and thus it rebounded to the upside at 147 - 150 region.
4. The pair then traded higher to 149 region before it plummet rapidly back below 146.3 region. The sudden drop has subsequently printed a Bearish Engulfing formation, a bearish continuation signal. This indicates that the bullish momentum is not sustainable and the pair is likely gearing up for another bearish run towards the support at 145.
5. The pair can also be seen forming a descending triangle as the bearish momentum continue to challenge the support on multiple occasion for a downside break. A clear break below 145 would expose the pair to further downside at 135.9 & 135.5 (Measured Objective). On the flipside, if it rejected 145 region, it would potentially break above to retest the upside at 147.25.
Bias
Long-term: Bearish
Short-term: Bearish
2. The pair has retested the broken wedge and printed a tweezer top formation signalling the reversal, confirming the changes in trend.
3. Following the signal, the pair has drop rapidly to challenge the support at 145 region. However, it failed to push below it and subsequently printed multiple Hammer and thus it rebounded to the upside at 147 - 150 region.
4. The pair then traded higher to 149 region before it plummet rapidly back below 146.3 region. The sudden drop has subsequently printed a Bearish Engulfing formation, a bearish continuation signal. This indicates that the bullish momentum is not sustainable and the pair is likely gearing up for another bearish run towards the support at 145.
5. The pair can also be seen forming a descending triangle as the bearish momentum continue to challenge the support on multiple occasion for a downside break. A clear break below 145 would expose the pair to further downside at 135.9 & 135.5 (Measured Objective). On the flipside, if it rejected 145 region, it would potentially break above to retest the upside at 147.25.
Bias
Long-term: Bearish
Short-term: Bearish