Bearish pressure rejecting the top of the channel
Re test of an ascending trend line / top of channel
Consolidation at support level 0.88850
Trading above all 3 ema zones. 50ema just crossed the 20 ema
Above the high of friday’s close candle
Stops below the last daily swing (below the 200 ema) targets...
Last weeks bullish momentum was quashed with a week of bearish pressure failing to make a new high
We’ve seen a break and retest of the bottom of the rising wedge and MACD is starting to turn, indicating lower prices may form.
Moving down to the 4hr, we can see a clearer picture of the re-test and rejections below the 200, 50 and 20 ema...
Rejections across a few weeks to push price higher. Price trading in the 20/50 ema area.
For a number of days, stall of price just below the 200ema - also looks to be a right shoulder forming to complete a H&S pattern.
Price stall is highlighted across this area with bearish MACD Divergence indicating that price may look to reverse.