Potential further downside continuation based on the 'trend continuation startegy, which also couples up & coincides with our analysis based on our trend-following strategy.
Our current analysis based on 'trend-continuatuion' shows price currently ranging within an intra-day pattern. There are two potential scenarios here that we will be looking for, either a break impulse move to test the horizontal and cluster zone before further selling pressure. Alternatively, if the chart pattern plays out, we expect a downside break to test the horizontal .
We must factor in the 'high impact' economic news later this week from the US, which will affect the US Dollar - FOMC and Non-farm payrolls.