Eyes are still very much on this pair.
No opportunity presented itself last week, but at the moment we have a nice and clean potential double top forming. Naturally, we need to see this neckline taken out before we can trade it. The double top itself (although it cannot be classified as divergence) is showing significant signs of weakening, through the MACD and the physical price action itself.
This channel has divergence through out its formation adding further confirmation to this bias. The targets for this potential DT sit directly on the bottom of the channel, this could mean that this channel is not even finished, and we can possibly only trade the targets that are presenting themselves... the DT.
Its possible we may get a flag en route to the DT's targets, this could give a clue as to whether the channel bottom will hold, or break.
The bottom of this channel also sits just above a weekly trend level.
I am looking for shorts based off the break of the DT neckline @ 1.319. I would then like to see the channel centre taken out as we can clearly see that this level seems to hold a strong relevance.
No opportunity presented itself last week, but at the moment we have a nice and clean potential double top forming. Naturally, we need to see this neckline taken out before we can trade it. The double top itself (although it cannot be classified as divergence) is showing significant signs of weakening, through the MACD and the physical price action itself.
This channel has divergence through out its formation adding further confirmation to this bias. The targets for this potential DT sit directly on the bottom of the channel, this could mean that this channel is not even finished, and we can possibly only trade the targets that are presenting themselves... the DT.
Its possible we may get a flag en route to the DT's targets, this could give a clue as to whether the channel bottom will hold, or break.
The bottom of this channel also sits just above a weekly trend level.
I am looking for shorts based off the break of the DT neckline @ 1.319. I would then like to see the channel centre taken out as we can clearly see that this level seems to hold a strong relevance.