1) Falling triangle indicating bearish bias
2) Histogram on MACD indicates bearish bias
3) However: Approaching a strong support/resistance level, will take force to break and confirm bearish bias. Although this may be a strategic change in direction, there may still be a few pips in it ignoring this level.
Note: ignore the previous break of triangle as this was early morning OZ time and the spreads were insane causing the distortion.
Suggest holding for a retracement and rejection of bottom level of triangle and enter a short position 2 ATR from this level... Or wait for a break of support and retrace of this level.
2) Histogram on MACD indicates bearish bias
3) However: Approaching a strong support/resistance level, will take force to break and confirm bearish bias. Although this may be a strategic change in direction, there may still be a few pips in it ignoring this level.
Note: ignore the previous break of triangle as this was early morning OZ time and the spreads were insane causing the distortion.
Suggest holding for a retracement and rejection of bottom level of triangle and enter a short position 2 ATR from this level... Or wait for a break of support and retrace of this level.