We're now seeing a rejection of support on the XRP 1hr & 4hr candles but we are still below the long term weekly trend line. Until we break this we will not see any sharp bullish action for now. I expect some consolidation around this area before anything else happens
Looking at the BAT/USD chart on the weekly candles we can see that after a recent bullish spike up to the $0.20 region we have been relieving some pressure by added sell orders. I expect to see this bearish price action to continue down towards the $0.14 support zone as marked before climbing higher to meet our next target around $0.22-$0.24.
Lining up on the weeklys and monthly closures we see this pair potentially getting ready for downward continuation. 130.000 could still be tested to release selling pressure but overall i am looking at shorts.
Pretty quiet week so far after Fridays NFP but the ECB meeting is due to liven things up on Thursday so keep an eye on the charts! For now i have a nice short trade setup here as we have multiple bounces from the 1.19241 level, now would be the perfect opportunity to catch this on the down swing. Make sure you keep an eye on the charts and trade safe |...
As we can see from the chart the price exceeded our 1.2000 target and has now lost it's upside momentum and looks ready to retrace. We could see a slight pullback to the region of 1.1980 before making it's journey down towards our first target of 1.1820 but my overall bias for this pair would definitely be SHORT trades all round. Safe trading!
Got into this trade yesterday at 108.640, now we have broken a key resistance level at 109.463 we should see the bearish momentum continue through the rest of the week as we head towards the fed reserve annoucement on Friday
After Friday's NFP we saw a bearish pullback on the pair and many saw this as a great reversal opportunity - however! our recent analysis of the pair possibly indicates to us that we could still be pushing higher
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