A once tight channel was broken down this month on Dec 3 and @ 6:00 a.m unable to drop below 20 RSI. The significance of this is that $USD is slowly (5% over 70 days) approaching historical resistance. The most recent peaks forming a lower high while RSI is increasing favors a bullish Kumo bounce despite this, the zone depicted is where I'll be watching for the trend to either continue or breakdown.
Komentar:
Upon looking at this further I'm going to update this to a potential short because of the same peak formation causing the original channel break. I dont feel the channel lines are respected enough to draw conclusions off from the upper boundary break. The other supporting factor being the Kemo previously forecasting a trend reversal for a short time.
Komentar:
If price breaks 1.33020 a short to previous supports would prove opportunistic.