Time Frame - Mid term
Currently price has formed a head and shoulder and rejected at the base , if price trend were to continue to go down from the current zone 105.900, it may potentially break the base of the head and shoulder and extend its lose to 104.300
At the current price movement, it would be good to see a fake breakout of the current trend line and shows an uptrend move before coming down. However, if the price stay up for too long, we will not trigger short on this pair.
Currently price has formed a head and shoulder and rejected at the base , if price trend were to continue to go down from the current zone 105.900, it may potentially break the base of the head and shoulder and extend its lose to 104.300
At the current price movement, it would be good to see a fake breakout of the current trend line and shows an uptrend move before coming down. However, if the price stay up for too long, we will not trigger short on this pair.
Note
ISM Manufacturing PMI triggered the swing high to break the trend line, this could be the good test if price doesn't break this high it potentially break down to reach 105.3 and then break below.Note
When price fall below the test zone 105.8 , short can be trigger with SL at 106.10Note
We are waiting for price to fall below 105.80 to validate the short bias.Trade closed: target reached
target reached on 18 Sept
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.