Price has been consolidating for the past couple of days and is forming minor support at 78.30 zone.
Trade Scenario 1: Bullish - Wait for price to break out of the falling wedge. We can still see a possible retrace back to 78.30 again. Enter on bearish engulfing/variations. First targeting previous highs at 78.70
Trade Scenario 2: Bearish - We will need to see price make a significant push to the down side below 78.30 and the 200MA on the 30min timeframe. We will then look for a retrace back to 78.30 and flip as resistance.
Trade Scenario 1: Bullish - Wait for price to break out of the falling wedge. We can still see a possible retrace back to 78.30 again. Enter on bearish engulfing/variations. First targeting previous highs at 78.70
Trade Scenario 2: Bearish - We will need to see price make a significant push to the down side below 78.30 and the 200MA on the 30min timeframe. We will then look for a retrace back to 78.30 and flip as resistance.