The daily view shows recent movement in a channel after a preceding bullish trend. Normally I would expect a bullish continuation and be prepared to go long at the bottom of the channel. But I noticed that for the past 17 days, the price action is contained in the lower half of the channel. This made me take a close look at a lower time frame. See H1 view below:
I note a topping/rounding kind of price action. A few of the more recent candles have wicks to the upside, indicating failed attempts to push the price higher. This H1 picture changes my bias to the downside. I am however keeping an open mind on how PA next week will play out.
A break below the channel bottom and retest would make me take a short, while the reverse PA at the top will change my bias to bullish.
The markets are quite jittery these days as we all know. Expect the unexpected at any time.
If you like my analysis, please give it a "thumbs up" and follow me to get immediate notifications.
As always, please use sound money and risk management in all your trades.
I note a topping/rounding kind of price action. A few of the more recent candles have wicks to the upside, indicating failed attempts to push the price higher. This H1 picture changes my bias to the downside. I am however keeping an open mind on how PA next week will play out.
A break below the channel bottom and retest would make me take a short, while the reverse PA at the top will change my bias to bullish.
The markets are quite jittery these days as we all know. Expect the unexpected at any time.
If you like my analysis, please give it a "thumbs up" and follow me to get immediate notifications.
As always, please use sound money and risk management in all your trades.