If my analysis is correct, we might see a push towards this second wedge like formation's completion once the recent time at mode target zone is hit.
If we move past it, the zone between 126.74 and 128.92 should prove to be an effective barrier against stubborn bulls.
Rgmov has formed a new 2 month high, but the price action indicates the rally is weak, as evidenced by the lower momentum reads, and the volume pattern. Most likely a short squeeze rally leading to a very big short.
Should be interesting to enter shorts once the target is hit, in time or in price (or both).
Currently price is contained between two options expirations s/r levels, which have been respected in the past, and also coincide with the mode of the advances. Keep close watch of these lines, they've proved to be very effective with bonds.
Good luck!
Ivan Labrie
Time at Mode FX
If we move past it, the zone between 126.74 and 128.92 should prove to be an effective barrier against stubborn bulls.
Rgmov has formed a new 2 month high, but the price action indicates the rally is weak, as evidenced by the lower momentum reads, and the volume pattern. Most likely a short squeeze rally leading to a very big short.
Should be interesting to enter shorts once the target is hit, in time or in price (or both).
Currently price is contained between two options expirations s/r levels, which have been respected in the past, and also coincide with the mode of the advances. Keep close watch of these lines, they've proved to be very effective with bonds.
Good luck!
Ivan Labrie
Time at Mode FX
Comment:
Should resume the downward trayectory now.
Comment:
Posting a new chart, I'm 85% sure we will see a huge selloff.
Trade closed: target reached
