With this pair we have many confluences to the downside however we are currently ranging and i wouldnt be taking any trades during this consolidation period.
Confluences
1.monthly chart January candle closed as a spinning top with the candle before that being a hammer.
2. Monthly all emas acting as resistance
3. Yearly fib drawn from 2016 highs showing price is currently at the 61.8 retracement level.
4. rejection towards monthly resistance showing on the weekly along with the 200 ema as resistance
5. this rejection is happening at a very significant level 124.00
6. weekly bearish engulfing candle
however i won't be taking any short position until M W Supp are both broken along with the 50,20 becoming near term resistance, as currently we are consolidating/ ranging between the M Resistance and Support with the 50 and 20 ema acting as support on the weekly chart
Confluences
1.monthly chart January candle closed as a spinning top with the candle before that being a hammer.
2. Monthly all emas acting as resistance
3. Yearly fib drawn from 2016 highs showing price is currently at the 61.8 retracement level.
4. rejection towards monthly resistance showing on the weekly along with the 200 ema as resistance
5. this rejection is happening at a very significant level 124.00
6. weekly bearish engulfing candle
however i won't be taking any short position until M W Supp are both broken along with the 50,20 becoming near term resistance, as currently we are consolidating/ ranging between the M Resistance and Support with the 50 and 20 ema acting as support on the weekly chart
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