This pair has been trading in a falling channel going back to Aug/Sept 2019.
It is now sitting at the bottom end of that channel.
Another chart pattern that looks like a falling wedge pattern has formed within that channel
The pair is in oversold territory on the RSI (relative strength index).
I'm seeing 2 scenarios:
1. A break of the lower boundary of the channel could expose R13 and eventually R12
2. A break (to the upside) of the falling wedge pattern could take us to the upper boundary of the falling channel around R14.30. From there R15 becomes the next target.
It is now sitting at the bottom end of that channel.
Another chart pattern that looks like a falling wedge pattern has formed within that channel
The pair is in oversold territory on the RSI (relative strength index).
I'm seeing 2 scenarios:
1. A break of the lower boundary of the channel could expose R13 and eventually R12
2. A break (to the upside) of the falling wedge pattern could take us to the upper boundary of the falling channel around R14.30. From there R15 becomes the next target.