US dollar does not seem to have gained any strength from rate hike. UC has been in overbought territory for some time now. Last two candles shows that bulls are likely to take a break. Oil is also oversold and should start to go up in the coming days. For all these reasons I short this pair.
Price has reached 1.27 fib extension. Trendline should act as resistance and, based on my Oil long opportunity idea, this pair could retrace to approx 0.9000, which corresponds to 0.382 fib level. RSI in overbought territory. Nice confluence. Good luck !
Oil should test the trendline support early next week. Based on previous structure, we might see a bounce on the trendline which would also coincide with a 1.27. fib extension. RSI is in oversold territory as well which gives this scenario a nice confluence. Good luck.
This bearish butterfly has just completed at around 1.3. Potential short. If we look at price action, there is a shooting star bar on the Daily chart, a doji followed by a bearish engulfing pattern on the 4h chart ! Talk about confluence !
The dollar still seems strong so a small retracement is possible before ...