Potential double top formed here. I would be looking for the bear rally to spike up to at least the descending trendline. But price seems to have faced consistent loss of bullish momentum when it rallies to the "STRONG SUPPORT" zone... this market structure holds relevance with price unable to rally higher.
the ascending channel was broken out of due to loss of momentum in strength in the dollar which resulted in the channel becoming invalidated. this to me is a strong indication of more downside momentum to at least the key level of support highlited at the bottom of the chart.
there is a chance that the bulls come back in and bring price to the deescending trendline which i have indicated. however right now i am comfortable with going short and re entering the trade if it plays out otherwise.
the ascending channel was broken out of due to loss of momentum in strength in the dollar which resulted in the channel becoming invalidated. this to me is a strong indication of more downside momentum to at least the key level of support highlited at the bottom of the chart.
there is a chance that the bulls come back in and bring price to the deescending trendline which i have indicated. however right now i am comfortable with going short and re entering the trade if it plays out otherwise.