Since braking its long running macro uptrend sol found support and has came back up for the retest as expected. The question is will the brake of trend be confirmed with hard rejection to the down side or will the level be reclaimed for a continuation to the upside.
This is an hourly line chart and we can see price has pretty much retraced nearly all the way for a full retest of the macro trend brake. Looking at the momentum oscillator we can see some rounding over indicating a likely rejection.
A brake of macro trends typically leads to significant price movement in the opposite direction so with a full retrace back to the brake of trend a brake out in one way or the other is inevitable. Current price action has the last support flipped to resistance at about 19.25 so a retake and bullish bounce from this level would signal likely continuation to the upside. Equally a hard rejection from this level would be a clear indication of the expected continuation to the down side.
Trade Well....
This is an hourly line chart and we can see price has pretty much retraced nearly all the way for a full retest of the macro trend brake. Looking at the momentum oscillator we can see some rounding over indicating a likely rejection.
A brake of macro trends typically leads to significant price movement in the opposite direction so with a full retrace back to the brake of trend a brake out in one way or the other is inevitable. Current price action has the last support flipped to resistance at about 19.25 so a retake and bullish bounce from this level would signal likely continuation to the upside. Equally a hard rejection from this level would be a clear indication of the expected continuation to the down side.
Trade Well....
