Daily: similarily to DXY we have some deterioration in bullish price action here as well. Kijun Sen is catching up to Tenkan Sen, Price is stuck in between the two. Daily short term key support is ard 0,9485-0,9500. MACD and Slow Stoch down, so let's see the lower time frame for criterias of a counter trend entry.
4 Hrs: Price retraced down to the Kumo and below 100 WMA, but the cloud was too thick to break through. Priced popped up again, but still trading in Kumo. Very important to watch the next two candles, as the last two candles were inverted hammers, refusing the upper key resistance ard 0,9585. Senkou B is at 0,9578 too, so this means Price got back to its short term equilibrium level. It is also obvious from the position of the lines: Tenkan is still below Kijun, but both lines are in the Kumo, which means short and longer averages stay approximately together. Senkou A is below Senkou B, so the future Kumo made a bearish swing already, increasing chances for rathe a bearish breakout to happen finally.
Short is recommended when Price crosses again the 100 WMA and breaks below current Kumo bottom ard 0,9545. Also watch for Slow Stoch sell signal to confirm bearish entry.
If breakout entry is triggered, bearish price objective is 0,9350-0,9400.
Stop loss to be placed above 0,9610 (above Kumo and Kijun Sen)
4 Hrs: Price retraced down to the Kumo and below 100 WMA, but the cloud was too thick to break through. Priced popped up again, but still trading in Kumo. Very important to watch the next two candles, as the last two candles were inverted hammers, refusing the upper key resistance ard 0,9585. Senkou B is at 0,9578 too, so this means Price got back to its short term equilibrium level. It is also obvious from the position of the lines: Tenkan is still below Kijun, but both lines are in the Kumo, which means short and longer averages stay approximately together. Senkou A is below Senkou B, so the future Kumo made a bearish swing already, increasing chances for rathe a bearish breakout to happen finally.
Short is recommended when Price crosses again the 100 WMA and breaks below current Kumo bottom ard 0,9545. Also watch for Slow Stoch sell signal to confirm bearish entry.
If breakout entry is triggered, bearish price objective is 0,9350-0,9400.
Stop loss to be placed above 0,9610 (above Kumo and Kijun Sen)
