From what I can see, price is climbing up slowly to the resistance area of 131.500. It seems to be breaking then retesting the resistance level it previously broke through.
On the daily timeframe, I saw this pair has been in a long-term bearish momentum. When I went down onto the 4H timeframe, it appeared to be making a double top pattern. I believe this pair will be bearish until it reaches the support area of 85.000.
Back on the 23rd of this month, I posted an idea about this precious metal being bullish from a possible cup & handle pattern. After almost a week, price has broken through the resistance area. Adding to my bullish bias. Now I’m expecting a retest of the broken resistance before the bullish momentum continues.
After price failed to break the resistance area of 51900, it became bearish. At first I thought it would create a head & shoulder pattern, but price broke through the support area before the right shoulder was made.
Possible head & shoulder pattern on the 1H timeframe. Something to keep an eye on when the market opens.
By the looks of it, price is reacting negatively from the resistance area of 0.66700. It looks to have made an ascending triangle but broke through to the downside. Now I’m expecting a retest of the triangle before a continuation to the downside.
Since the start of December, price has been consolidating between the resistance area of 0.92700 and the support area of 0.91600. I believe when price reaches my descending trend line, it will finally break the consolidation zone.
By the looks of it, price is in the process of creating a rising wedge pattern on the 4H timeframe. This usually happens when price has a strong bearish sentiment on the higher timeframes.
When price reached the support area of 149.000, it became very bullish. So much so, it created a bullish candlestick pattern called, ‘the three white/green soldiers’. With the help of the bullish momentum, price broke through my trend line. Now I’m expecting a retest of the trend line before the bullish momentum continues.
From what I can see, price has made an ascending triangle on the 1H timeframe. Unfortunately, it failed to break the triangle to the upside, even though it’s been bullish since near the start of the month. With price breaking through to the downside, I’m expecting a retest of the triangle before price continues its bearish momentum.
By the looks of it, price isn’t going through with the head & shoulder pattern on the daily timeframe anymore. From what I can see, price is in the process of making a cup & handle pattern on the 4H timeframe. For the pattern to be valid, I need price to give a clean break of the resistance level.
Possible break and retest on the 1H timeframe. You can see the pattern better on the 4H timeframe.
From what I can see, price has created a M pattern. M patterns are usually created when price is continuing its bearish momentum. Going by that, I’m expecting price to retest the support it has broken before continuing downwards.
This will be my last time trying to short this pair. I still believe it will reverse. I believe the resistance area of 1.71900 on the 4H timeframe will be strong enough to change to momentum of this pair.
I previously thought that this pair would become bullish after creating an ascending triangle, I was wrong. Price has broken the triangle to the downside. Now I’m expecting a retest of the triangle before a continuation to the downside.
Price is starting to look weak now, so I believe a reversal could happen. This why I’ve jumped in for a sell.
Price created an ascending triangle, broke through it to the upside and now looks to be coming back to retest it before continuing its bullish momentum.
By the looks of it, price has made an ascending triangle on the 30M timeframe. Since price is bullish on the higher timeframes, I expect the ascending triangle to be respected.