I spend a few minutes each weekend analyzing the markets before the new week begins. This allows me to stay ahead and remove any unnecessary analysis of pair that are range bound.
The daily chart is presenting a potential short set up for the upcoming trading week.
Price has been stuck in this bearish channel since April.
Each failed attempt at the channel resistance resulted in a sell off.
RSI has broken resistance at the 50 level, but has failed to maintain bullish momentum after each broken attempt.
Currently price has broke channel resistance line, but with a GRAVESTONE DOJI CANDLE
Price has also broken 50 level resistance level for RSI, lets see if this level will hold.
MACD bullishly crossed on September 13th, so far no negative downtick on histogram
Stochastics is in overbought regions.
AS WE ARE HEADED INTO THE UPCOMING TRADING WEEK, LOOK FOR SHORTING OPPORTUNITIES. (For myself, i use the 1hr as my entry and exit time frame)