OMGUSD; Bulls in need of a higher low
Basically this market is making wide swings between 8.00 and 20.00 when zooming out, meaning chances are better for this market to end the string of lower highs and lows which mark the current bearish environment.
Thus, the Bullish engulfing pattern (or combined hammer) seen at the red arrow should mark the bottom. Currently the market is backing off after a minimal 23.6% Fibonacci recovery and bull's task is now to get a higher low above 9.50 going. 9.95/9.80 seems the candidate for this.
Also note that the Bollinger Bands are thightening which implies a bigger move soon (note how previous bigger moves, bullish and bearish, started with BB tightening). All in all, best chances to see this market run up again after a higher low, but wise to await signals for such a low. 20.00 is again the target then.
Thus, the Bullish engulfing pattern (or combined hammer) seen at the red arrow should mark the bottom. Currently the market is backing off after a minimal 23.6% Fibonacci recovery and bull's task is now to get a higher low above 9.50 going. 9.95/9.80 seems the candidate for this.
Also note that the Bollinger Bands are thightening which implies a bigger move soon (note how previous bigger moves, bullish and bearish, started with BB tightening). All in all, best chances to see this market run up again after a higher low, but wise to await signals for such a low. 20.00 is again the target then.
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