Chart Commentary Disclaimer: Adewale’s views on the Charts is not advice or a recommendation to trade or invest, it is educational and general information only. Don’t blindly buy and sell the markets/products discussed in this newsletter, do your own research and be aware of the risks and rewards.
The bearish rally was started by a false break of resistance at 0.93034.The bearish movement ended up breaking the support zone @ 0.90969 and later rally up a bit.We are anticipating a bearish setup in the mid term which could lead to testing of key support zone @ 0.89210
There was price consolidation after the aggressive bearish movement that was paused at 68.336. The coiling inside bars are expected to breakout in the mid term. We anticipate a bullish breakout in the mid term that may lead to retest of resistance zone at 70.442. Any bearish setup at this zone will also be welcomed for the continuation of the long term bearish trend.