2017-05-08
Price action has moved into consolidation within a broad channel. SMA50 has levelled off and may be starting a down slope, both RSI and Stoch are moving to oversold. All this indicates ... more consolidation until price action either breaks and closes below the previous structure low (at 112.218) or breaks and closes above the earlier structure high (at 112.974). Either breakout should indicate the trend direction. D1 chart shows price action still bearish with current action at the top of a retracement and respecting the outer trend line (bearish).
Price action has moved into consolidation within a broad channel. SMA50 has levelled off and may be starting a down slope, both RSI and Stoch are moving to oversold. All this indicates ... more consolidation until price action either breaks and closes below the previous structure low (at 112.218) or breaks and closes above the earlier structure high (at 112.974). Either breakout should indicate the trend direction. D1 chart shows price action still bearish with current action at the top of a retracement and respecting the outer trend line (bearish).