We see market respect bullish trend line and maintain itself on prior resistance. Hesitation on 30 minute and 15 minute wicks confirm buyer exhaustion.
AU has been slow but persistence in its moves. What we are seeing is a respect of the trenline on the 4 Hour mark. Potential move toward bullish direction. Must create a break of structure to better indicate market will continue on its bullish run for this week
EU has a channel identified reaching its higher resistance. Potential break of zone for a push up. Higher time frame on monthly are indicating support from previous resistance. We may see EU push bullish for this week.
As the bears seem to fall short of breaking the set trendline we have a potential push for the bulls to take the market. The market remains at a point of consolidation above the 88.6 on the fib retracement. Market on higher time frames has catered to the bulls. Possible downtrend if trend line is broken and retested. Bullish observation still valid.
Trend lines have been respected. Overall Bullish trend identified from higher time frame to lower. 78.6 Fib retracement hit on 15 minute. Potential opportunity to push towards the -27% on fib set up. Slow overall movement predicted.
