The pair has continued climbing after the significant trendline break
around mid april and is now stalling by the Cloud. We might see a
slight retracement from here to the new untraded Weekly pivot point
at 8550 and perhaps a retest of the broken Monthly pp at 8400/previous
top, best seen on the H4 chart to the right. Price has made higher highs
and higher lows and even a deeper retracement to, lets say a test of the
H4 Cloud would be ok for Bulls, as long as the important low at 7850
holds. Overall, price has come off the low and with the trendline break
in place, we expect further gains. Bulls would really like to see a sharper
move up and a close above the Monthly R1 and the SMA200, which
would definitely shake off more bears. Monthly R1 at 10250 & SMA200
at 9800.
around mid april and is now stalling by the Cloud. We might see a
slight retracement from here to the new untraded Weekly pivot point
at 8550 and perhaps a retest of the broken Monthly pp at 8400/previous
top, best seen on the H4 chart to the right. Price has made higher highs
and higher lows and even a deeper retracement to, lets say a test of the
H4 Cloud would be ok for Bulls, as long as the important low at 7850
holds. Overall, price has come off the low and with the trendline break
in place, we expect further gains. Bulls would really like to see a sharper
move up and a close above the Monthly R1 and the SMA200, which
would definitely shake off more bears. Monthly R1 at 10250 & SMA200
at 9800.
