SWTUSD; Bollinger Bands narrowing
This market has tested the bigger support just under 1.000 extensively but was able to put some distance from it again. Notice however it is up against a downward sloping line again connecting the bigger recent tops.
Bulls will have to force a break above this line (1.88), but even better the 23.6% Fibonacci level (2.25) to get some more credibility going.
With the RSI at neutral levels and the Bollinger Bands narrowing a try to accomplish this could be near. Could see a bear trap before this, possibly a try toward 1.30 first before better buying enters.
Bulls will have to force a break above this line (1.88), but even better the 23.6% Fibonacci level (2.25) to get some more credibility going.
With the RSI at neutral levels and the Bollinger Bands narrowing a try to accomplish this could be near. Could see a bear trap before this, possibly a try toward 1.30 first before better buying enters.
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