By: Doug Rosen
Yesterday price climbed up beyond the weekly 5 ema and to nearly the 50.0 fib of the previous weekly swing down which is overlapped with the weekly 13 ema then retreated back down. On the daily time frame that 50.0 fib level is overlapped with the daily 55 ema as well as the bottom of the trend line price recently break out of. The 5 ema has begun to cross above the 13 ema and the stochastics is pointing straight up but I expect price to continue to drop down.
On the 4 hour time frame price had touched the 233 ema which is just below the monthly central pivot point right to the pip then retreated and stochastics is in the overbought zone a bearish indication to me. Around the same area the 4 hour 233 ema is the weekly R2 pivot and yesterday's low is also at.
On the 1 hour time frame the 5 and 13 ema's are closer to each other and price made a lower high so price may roll over to the downside.
Finally on the 15 minute time frame price is confined within a Bollinger band tunnel just below the daily M3 pivot so price could easily drop from this area. All in all, I am bearish on this pair.
