Hammer Candle Formation last week from the Support Zone With the long wick , this shows buyers are really in control.
Daily Chart
False break of support is noted from last weeks price action. However Ichimoku Studies shows that we have broken the clouds and trading below, which suggest in a bearish mode. Having said that, the current clouds has some room for any bullish momentum to take place.
We also have the Tekan San line which is flat , which usually attracts price towards the line.
Hourly Chart
This is the only Time Frame Chart (H4) which we are trading into the clouds acting as possible resistance, So I would like to see price go above the the clouds and break the 23.6% fib level to consider long trade
Outlook Trade opportunity
Please see H4
Risk Level LOW
Tips -
Always take note of any economical news event on our provided calender below
We have been trading between the 101-103 region for nearly two months now
Approaching the ascending trendline
Daily Chart
101 level has been tested 4 times and if prices do test for the fifth time, I would be more bias for price to breach this level down to sub 100 level
102.50 would be a level to look out for sellers to push the market back down
Ichimoku study seems to be in a bearish mode as the two lines are crossed also trading beneath the clouds
Hourly Chart
Ichimoku lines are squeezed and possibly indicating some bullish action if prices move up further, however upside could be limited from clouds trendlines and fib levels from last weeks sell off.
Outlook Trade opportunity
No trades identified
Risk Level __
Tips -
Always take note of any economical news event on our provided calender below
