- Price reached just above the Daily 200 SMA, bounced, fell again and then closed below the 200 SMA on Friday.
- I would wait to see the reaction if price reaches the Weekly TL and Feb 2019 swing low. We have now moved on from a potential inverted H&S to a double bottom scenario.
- Friday’s daily candle could end up being exhaustion and I just can’t see this move down as sustainable should USD go back into Daily Phase 1
- No real change from previous analysis.
- Price is currently ranging and a more solid route can be drawn once USD bulls start getting back into gear.
- Should USD go back into Daily Phase 1, look for short trades on smaller time frames.
- A USD Scenario B or C may potentially result in price reaching the top Weekly TL before a big move down (red zone on chart). We could see a move similar to the one in April 2018 (blue zone on chart). Price ranging for a while, then one last gasp by buyers before sellers muscle in leading to a strong move down.