The pair is currently rebounding from the bottom of the Kumo cloud and the baseline trend line. I wont trade it to the upper side as i believe it would be for very short term only, given the current RSI- Price divergence.
Anyway, I expect the price to rebound touching the upper limit of the cloud before finally breaking downward out of the trendline and out of the Kumo cloud.
Anyway, I expect the price to rebound touching the upper limit of the cloud before finally breaking downward out of the trendline and out of the Kumo cloud.
Note
Daily chart showing double top formation, which is a good reversal pattern so I wont go long for this pair. In stead I would wait for the downward breakout to short it.Note
We could see a head and shoulder formation on the 4H chart, which would give us a great entry opportunity and technically strength the short idea.Note
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.
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.