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Price is approaching Resistance at 1.7848
There is some support around 1.77170
Demand Zone and potential exit at 1.76000 (TP2) and MAJOR Demand zone around 1.74500 (TP3)
Entry = 1.78400
SL = 1.78900
TP1 = 1.77170
TP2 = 1.76000
TP3 = 1.74511
Risk vs Reward = 1:7.87
From the ATH, we can expect to see some pullback if 3330-3340 holds, which would indicate strong bearish momentum to at least 0.786 on the pitchfork channel (3147.2)
Whenever an ATH is recorded it is not uncommon to see a 50% retracement off its lastest rally.
WARNING: Trade with cation as we are also very close to the US Elections and it wouldn't surprise me...
Based on the 1hr chart where a Bullish Pennant Pattern is forming, further upside is likely.
While on Daily, the price remains in an Upward Trendline which is on its way to forming an Ascending Triangle which I believe has 1-2 more pushes to the upside before being considered a good SHORT opportunity.
Price also remains above EMA on Daily + 4hr, while testing...
This is my 1st idea posting on TradingView so bare with me ;)
So my prediction is that the bulls will appear briefly around Japan's news and the market will than correct itself on a strong bearish down trend and hopefully the bears will continue onwards post-Australia's news :)