Overall bias is bullish, looks like a rate hike is happening in Sept
Short term short bias because:
Weekly bearish engulfing
Daily inside bar, pin-bar showing bears in control of price
4hr MA/EA about to cross
Downtrend since piercing high of 125 not seen since 2007
Below Kumo on 4 hr, hence this very short term trade.
Inside bar on 4hr, looks like a continuation after rejection on close above .618 fib
Conservative target of 122
121.555 is an ideal target
We could see a significant reversal at 122, but we need a lot of momentum from Fundamentals.
Short term short bias because:
Weekly bearish engulfing
Daily inside bar, pin-bar showing bears in control of price
4hr MA/EA about to cross
Downtrend since piercing high of 125 not seen since 2007
Below Kumo on 4 hr, hence this very short term trade.
Inside bar on 4hr, looks like a continuation after rejection on close above .618 fib
Conservative target of 122
121.555 is an ideal target
We could see a significant reversal at 122, but we need a lot of momentum from Fundamentals.