The European pairs have closed back below the Weekly/Monthly Support....And a Head & Shoulder pattern is seen to form at this support (strong confluence!!) on the Daily chart. We can expect price to meltdown to the Weekly ascending trendline below to act as support. For now only look for sells!....price is retracing to a 61.8 zone
The YEN pair shows rejection on the weekly support, and a clean morning star doji candle on the 4-Hour chart, We are expecting a retrace to the buy zone of 61.8 - 78.6 (which is in confluence with previous support). I will be looking for buy entries there....for a Strong Buy lasting til end of the year.
Chart is seen to be in a corrective phase, from daily (top-situated) channel within a bigger weekly channel.
Price might retrace to the 61.8 level, that is in confluence with both a strong support + Dominant angle trendline from the bigger channel. Then possibly see a break after some possible ranging, to the 61.8 extension level (also in...
After a breakout from the Daily Descending trendline...And a successful retest. We see an impulse, and now a correction to the 61.8 - 78.6, before shooting to the upside! We might see a very strong potential buy with the dollar losing to the Aussie