Daily Update
- 4 hourly Head & Shoulder pattern is playing out
- Head at 97.50 and neckline was at 94.84, giving a distance of 2.66
- Target for the H&S is at 92.18 which hits the 38.2% Fib retracement from the 2014 rally
- Current PA we have minor support on the trendline then with key support at 93.13
- Break below 93.13 opens up more selling where price will look for support from 200 DMA that is rising (92.08)
- MACD is still crossing lower and the RSI has rooms as it is not oversold yet
- PA is trading well below the 20 DMA which suggest sellers are in control
- Rallies are to be sold
- 50 MA cross below 100 MA = death cross
FA
- Dovish statement from the last FOMC meeting
- Data dependant and revision of a weaker US economy
- 4 hourly Head & Shoulder pattern is playing out
- Head at 97.50 and neckline was at 94.84, giving a distance of 2.66
- Target for the H&S is at 92.18 which hits the 38.2% Fib retracement from the 2014 rally
- Current PA we have minor support on the trendline then with key support at 93.13
- Break below 93.13 opens up more selling where price will look for support from 200 DMA that is rising (92.08)
- MACD is still crossing lower and the RSI has rooms as it is not oversold yet
- PA is trading well below the 20 DMA which suggest sellers are in control
- Rallies are to be sold
- 50 MA cross below 100 MA = death cross
FA
- Dovish statement from the last FOMC meeting
- Data dependant and revision of a weaker US economy