Directional analysis
Presented is a brief directional analysis using the 1 hr chart.
The trend continued its sell off to start the week following last weeks close. For continuation sentiment I analyze the day chart. Here I see a retest of the next support (very near). This is a great opportunity for buyers to be patient for a potential pivot. Strong sentiment would lean towards sell continuation if we see a clear breach through support on the day chart with no rejection.
If the above scenario plays out expect sellers to load increase sell off to the next Key support at .82900 (presented on chart).
I will be watching the MACD/SIGNAL closely for a diversion (which would tell us too lean towards a support breach) or a full signal cross (which would tell us to lean towards a pivot reversal). RSI will continue to zig-zag swim ( I call dolphin swimming through the waves) along the bottom of the oversold zone until MACD/SIGNAL plays out its role.
I will publish a trade analysis based off a breach or pivot of the looming support.
Please comment with thoughts and ideas. Thank you.
The trend continued its sell off to start the week following last weeks close. For continuation sentiment I analyze the day chart. Here I see a retest of the next support (very near). This is a great opportunity for buyers to be patient for a potential pivot. Strong sentiment would lean towards sell continuation if we see a clear breach through support on the day chart with no rejection.
If the above scenario plays out expect sellers to load increase sell off to the next Key support at .82900 (presented on chart).
I will be watching the MACD/SIGNAL closely for a diversion (which would tell us too lean towards a support breach) or a full signal cross (which would tell us to lean towards a pivot reversal). RSI will continue to zig-zag swim ( I call dolphin swimming through the waves) along the bottom of the oversold zone until MACD/SIGNAL plays out its role.
I will publish a trade analysis based off a breach or pivot of the looming support.
Please comment with thoughts and ideas. Thank you.
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