Pin tail formed on the 1 hour chart and we are looking at a possible continuation of the up trend towards 106.5.
Bearish on the pound dollar in the short term. Pair bearish within a general up trend.
A consolidation before further up moves to 0.94.
Channel broken. Going long.
At the moment the long term technicals is showing that there is a bullish divergence in this pair. While price is posting lower lows, we are seeing stochastics posting higher lows. In my opinion, once prize closes above the 15ema, there is a probability that the pair might head higher, possibly in the 0.966 region.
Look at the head and shoulders pattern in this pair and a higher low being formed. Bullish structure and heading for higher levels.
RBA might increase interest rates in the near future and the pair is still in bullish mode. Will buy at the last breakout level at 0.93.
Targeting 92.5 first target.Higher lows seen and down trend line is a magnet as the pair rebounds.
Price between 2 ranges. Neutral until it enters one range.
Long at 163.3. SL at 162.7. TP discretionary. Pair at a support level.
Rejection at 1.38 might see this pair go lower to 1.337.