And on this Daily chart rising support and descending resistance are clearly the two dominant technical features...
Based on what we see here it is not possible to support a convicted short term bias in either direction from a technical perspective. However, what we can say is that the closer we get to the apex of convergence, the less power either rising support or descending resistance have to provoke a decisive shift in sentiment.
As can be seen on the 4h chart, this is likely to leave us with a 20 pip trading range, centered around $100; as we've indicated with the blue shaded box.
Until we see a convicted move beyond the limits of this zone, its limits will continue to represent sound trading triggers with $100 playing the role of fulcrum.
Watch this space...
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