Bulls remained in charge last week closing price above the upper weekly channel that we were looking at last week. Notice how the trendline was tested in the 4hr later in the week and became support rather than resistance.
Another monthly candle closed last week so I've included a monthly chart in this weeks post. What I notice is that this pair can trend up for many months - see all the green candles at the start of the monthly chart. Also, last months up candle was very strong exceeding the ATR by a couple hundred pips.
It must remain in our minds that we are near all time highs, however, this pair is in a strong uptrend and may very well blow through the expected resistance at those highs with little looking back. If it does next likely obvious point to look for resistance will be 1.000
Short term bias: bullish (there - that outta make it go down LOL)
Long term bias: bullish
Thanks for visiting!
Comments welcome!
This is not a recommendation to trade!
No comments:
Post a Comment
Thank You for your comment!!!
I may or may not respond! LOL!!!
Dan