Last week we saw price stall around the weekly level of $65 . My bias on this pair is currently short as the market in the past 8 hours has formed a bearish engulfing
pattern. Alongside this information the daily timeframe
has formed a shooting star
so I think we could see price push further to the downside to $62.80. This bias would be invalidated if price shows a clear break of the $65 region. The two hour timeframe has also printed out a three pin formation ( evening star
) with my moving averages crossing over. Lets see what happens next week.