1. - Price may be forming an Equidistant Ascending Channel - Price has bounced off the upper trend-line twice now, and the lower trend-line once - However price is finding support at the lower trend-line once again and may be setting up for a bounce to the upper again
3. - 61.8 Fib level of the bullish reversal move from 03/07/2018 - 09/07/2018 coincides with the lower trend-line of the equidistant channel and previous support level
2. - RSI is oversold - At same level (20) to previous initial reversal out of the Bearish Descending channel
FUNDAMENTALS:
- A lot of geopolitical tensions at the moment are proving very negative for USD including: - The North Korea tensions - Tarriffs
Appreciate any thoughts/comments, Thanks for reading,
James
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- Perfect reversal off the lower trendline - currently shooting up!
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- 4h candle setting up to close as a perfect rejection cadle - Massive lower wick - Will wait for this to close before entering