This pair has frustrated me a lot! This pair is in a indecisive trend which could suggest the bulls are exhausted. We have been in an uptrend since 07/2013 with a peak in 12/2014. The mid price (50% fib) is 121.800. This is in confluence with AB=CD completion around 120.000 I see many confluences to the downside. A break and close above the Descending channel...
USOIL has many confluences to support the upside -All factors supporting upside argument are detailed on chart. I will be waiting for a break of the Inside Bar Range to the upside on smaller TF's. MA's don't look very convincing so a clean break of the Ascending TL to the downside will make me scrap this idea and look for shorts to the lows!
This Inverse Head and Shoulders pattern could see us rally to previous highs around 1.565
Looks like we're going to close today's session with a marabuzo. We've retested the channel we've broken clean out and resumed original trend. A close below 0.6314 would warrant a short to next support level 0.60840 We may also find a reversal pattern to the upside as part of a bigger picture AB=CD 0.6314 is 61.8% on Monthly TF I'm monitoring this pair for...
Harmonic pattern which coincides with the downside move of the daily CD leg of the AB=CD move. I am going to monitor 0.716 area as this level is .618 of Daily Fibonacci. Upside target of 0.755 still remains. We've failed to put in a new high so i'm looking for shorts!
Waiting for Today's candlestick close on the DAILY TF to see if we're above or below 10271 key level. If we close below we could see further downside movement to support around 10050 - 10150 We've failed to put in a new higher high in the ascending channel If we close above 10271 (DTF) I'll look for trend continuation patterns
We can find support around 1116 and the Outer TL -However as I favour the downside as outlined in my previous gold post *I will monitor PA around 1116 and look for more downside pressure We've retested the Inner TL so we are due to find support on the Outer TL or 1116 key level