WEEKLY (W1)
Last week price action triggered a LONG WHITE BULLISH CANDLE which broke up and close @ 2.5890 on a weekly basis above the former high @ 2.5160 reached a year ago in March 2021.
RSI @ 70.85 is not converging therefore there is a potential BEARISH DIVERGENCE IN PROGRESS !
On the other hand, the LAGGING LINE is far away above the TS, KS and the weekly clouds too which is supportive for further development.
Currently above the 61.8% Fibonacci retracement @ 2.4130 % of the 3.4650 - 0,71 downside move,
Next Fibonacci extension (78.6%) is @ 2.8750 % former congestion seen in 2019, 2018, 2018 and earlier.
DAILY (D1)
Ongoing (yield) uptrend price action still alive with its first significant support level @ 2.50 (cluster of Tenkan-Sen and ongoing support trend line); below
there is 2 levels to look at very carefully :
S2 : @ 2.3910 (MBB)
S3 : @ 2.3570 (KS)
A BREAKOUT OF THE LATTER LEVEL WOULD PUT THE FOCUS TO THE DAILY CLOUDS SUPPORT AREA (2.25-2.07)
On the upside, there is a potential double & triple top in progress, coupled with a potential RSI bearish divergence too.
Therefore, ongoing price action and more important, next daily closing level will may be validate or invalidate the potential reversal previously mentioned.
4 HOURS (H4)
DOUBLE & TRIPLE TOP IN PROGRESS !!!
Indeed, recent rallies above the 2.64 % level triggered a potential double & triple top which is coupled also with a RSI bearish divergence...
The H4 uptrend support line is still alive and in this H4 time frame the TENKAN-SEN @ 2.5720 ahead of the cluster of KIJUN-SEN and MID BOLLINGER BAND @ 2.55 should be seen as the first support area to look at very carefully in this H4 time frame.
A failure to hold above 2.55 would put the focus on the H4 clouds support area (2.48-2.41) , 2.4240 being the 38.2% Fibonacci retracement of the last upside move starting @ 2.0690 towards the high so far @ 2.6440.
Below the 50% Fib ret is @ 2.3560 which is also the Kijun-Sen on the 4 hours time frame.
1 HOUR (H1)
Wonderful school study case shown on the hourly chart with a DOUBLE TOP in progress (second top higher than the first !) coupled with a RSI BEARISH DIVERGENCE.
TRIGGER LEVEL @ 2.5650. - Target if broken 2.48 which corroborate the previous view expressed on H4
Have a nice trading day.
IRONMAN8848 & Jean-Pierre Burki
Last week price action triggered a LONG WHITE BULLISH CANDLE which broke up and close @ 2.5890 on a weekly basis above the former high @ 2.5160 reached a year ago in March 2021.
RSI @ 70.85 is not converging therefore there is a potential BEARISH DIVERGENCE IN PROGRESS !
On the other hand, the LAGGING LINE is far away above the TS, KS and the weekly clouds too which is supportive for further development.
Currently above the 61.8% Fibonacci retracement @ 2.4130 % of the 3.4650 - 0,71 downside move,
Next Fibonacci extension (78.6%) is @ 2.8750 % former congestion seen in 2019, 2018, 2018 and earlier.
DAILY (D1)
Ongoing (yield) uptrend price action still alive with its first significant support level @ 2.50 (cluster of Tenkan-Sen and ongoing support trend line); below
there is 2 levels to look at very carefully :
S2 : @ 2.3910 (MBB)
S3 : @ 2.3570 (KS)
A BREAKOUT OF THE LATTER LEVEL WOULD PUT THE FOCUS TO THE DAILY CLOUDS SUPPORT AREA (2.25-2.07)
On the upside, there is a potential double & triple top in progress, coupled with a potential RSI bearish divergence too.
Therefore, ongoing price action and more important, next daily closing level will may be validate or invalidate the potential reversal previously mentioned.
4 HOURS (H4)
DOUBLE & TRIPLE TOP IN PROGRESS !!!
Indeed, recent rallies above the 2.64 % level triggered a potential double & triple top which is coupled also with a RSI bearish divergence...
The H4 uptrend support line is still alive and in this H4 time frame the TENKAN-SEN @ 2.5720 ahead of the cluster of KIJUN-SEN and MID BOLLINGER BAND @ 2.55 should be seen as the first support area to look at very carefully in this H4 time frame.
A failure to hold above 2.55 would put the focus on the H4 clouds support area (2.48-2.41) , 2.4240 being the 38.2% Fibonacci retracement of the last upside move starting @ 2.0690 towards the high so far @ 2.6440.
Below the 50% Fib ret is @ 2.3560 which is also the Kijun-Sen on the 4 hours time frame.
1 HOUR (H1)
Wonderful school study case shown on the hourly chart with a DOUBLE TOP in progress (second top higher than the first !) coupled with a RSI BEARISH DIVERGENCE.
TRIGGER LEVEL @ 2.5650. - Target if broken 2.48 which corroborate the previous view expressed on H4
Have a nice trading day.
IRONMAN8848 & Jean-Pierre Burki
