By: Doug Rosen
I start out my analysis for this pair with the daily chart and it appears that price has rolled over beneath the ema's and it appears as though the ema's want to push price through the ascending trend line which could very well constitute a breakout to the downside. Price is below the monthly central pivot point and the 5 ema is pushing price down and crossing below the 21 and 13 ema's while the stochastic is crossing down and over from the overbought zone.
On the hourly chart the 5 ema is also laying heavy over price and price looks like it could break through a visual support line. Finally, on the 15 minute chart price is sharply riding down the 5 ema. The USD appears to be very weak and as a result, this pair remains very bearish.
