I expect the pair to test 50% Fibonacci retracement before rebound.
Fundamentals: good figures from China at the end of the week coupled with questionable perspective for oil should support this view.
A narrower gap with Tenkan-sen and Chinkou-span not staying in the Kumo, or better crossing over historic price action would also give some confirmation.
Fundamentals: good figures from China at the end of the week coupled with questionable perspective for oil should support this view.
A narrower gap with Tenkan-sen and Chinkou-span not staying in the Kumo, or better crossing over historic price action would also give some confirmation.
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P.S. Look at the daily cup-and-handle pattern in formation.
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Bollinger bands weekly charts confirm the bullish view as price actoin staying well above the SMA20.
Thick red S/R line is the main challenge for the next weeks to come.
Thick red S/R line is the main challenge for the next weeks to come.