In our previous analysis, we were looking at the double top region for a short and a break of the wedge. The wedge pattern changed a little but the bias remains the same. Price broke down and retested.
Will be looking for a bear flag on the lower timeframe to gain another entry
but if we look at h4, from 1.36 to current postition, it is still in its channel.
it goes out once, but we got consolation correction. we could connect 5 support on lower channel, so it also might go up, i think. but before it goes up, it would test the support first. 1.4090 looks good atm.
WicktatorFX
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@talismanadi, As we're anticipating dollar strength, we are looking for the channel to break. Also, we created a double top which is a sign of trend reversal. 1.409 looks like a good area for first target :)
DeFontain
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Thank you for sharing, Isn´t that weird that dollar will get strength right now? Should I look for hidden divergence ;)
WicktatorFX
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@trilogic, We were anticipating dollar strength last week and it broke the wedge pattern last week so we may be seeing the start of dollar strength now! :)
talismanadi
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if we are looking at daily graph, im expecting it would complete the head and shoulder form around this week. then next week might go down. what do you think?
WicktatorFX
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@talismanadi, I think that's really probable. It would be great if that happened as head and shoulder patterns form when there's a trend reversal!