Broken up through kumo on day chart and oil seems to be trading higher this week. Im predicting this rise to continue until next major area of resistance near top of last peak, before price reverses to stay working within its large range. Chikou span is above kumo and conversion has crossed up through base strengthening bullish price action.
Price currently at trend line acting as our major resistance point on day chart. Two major support levels highlighted for potential TP's and SL should be kept around 250 pips above trendline.
Short term down trend has been broken, looking for break from current price rejection to buy. Inverted double top has started to take shape and we would hope breaking this will greatly increase bullish activity allowing us to lock in any profits and push towards a higher take profit.
Price action has shown rejection around our long term trend line, and the small down trend that took us there has now been broken. News releases due tomorrow which could cause some volatility but if we weather the storm here could be worth a short/ medium term long trade
Lots of economic news for Europe and Asia/Aus tomorrow. JPY to follow suit of CHY and hold strong on manufacturing? Hoping poor European news will cause the pair to fall to at least support one, then watch for progression to main support line or retraction.
Pair is at its lowest in long time. Tsunami may have negative short term effect on NZD before USD manufacturing provides small bounce back tomorrow. Let me know what your thinking guys...
price has passed through base line and just started to drop through conversion line supporting trend. Think im going to short and hope for the drop tomorrow
