We've had a crossover of Moving Averages on the 30Min chart and on the 1H I can see that price is respecting to stay above the EMA50 and moving into an uptrend, making lower lows, preparing for a crossover of moving averages on the 1H chart as well.
On the 1H chart we can see price is just starting to move up from the lower and we're seeing a crossover on our stochastics at 10% oversold. Combined with we see good momentum with plenty room to break to the upside.
On the 4H chart we can see a crossover on the stochastics at 80% overbought, diminishing on our and price has moved down from the upper towards the centre, suggesting room to move down.
On the 1D chart although is showing good volumes of sellers, deeper analysis would suggest sellers are dropping out and the buyers are soon stepping in. We can see price has moved up from the lower bands and a crossover on the stochastics, which go hand-in-hand with our analysis for another leg up.
Overall, we're seeing mixed signals and in my opinion... with a bias. I will be waiting to see which way price breaks from the lime-green and after the break, I will be waiting for price to break either of the major lines in red which I have made thicker and in bold. I'm waiting for price to close and bounce off from either of these positions to determine which way I'm taking this trade.
This research is for informational purposes and should not be construed as personal advice. Trading any financial market involves risk. Trading on leverage involves risk of losses greater than deposits.
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