By: Doug Rosen
Starting out with the weekly chart for this pair it is easy to see this pair made a 50.0 fib that perfectly overlapped with the 55 ema.
On the daily chart that same 55 ema on the weekly was the 233 on the daily timeframe. The 5 ema is poised to cross roll over and cross down and push price further down.
Moving forward to the 4 hour chart the 5 ema has crossed below the 13 and 21 and looking very bearish, however, price is approaching the monthly central pivot at 106.88 overlapped with the lower Bollinger so I expect some fight in this zone.
Moving on to the hourly timeframe the 5 ema is crossing below the 144 and has already crossed below the 13 and 21 and price has already breached the 233 ema overlapped with the M2 at 107.13 and has retested. Price is also stretched outside of the lower Bollinger band so I expect this pair to pull back a bit then to continue its way downward.