By: Doug Rosen
I start my analysis for this pair briefly with the weekly time frame which i would like to point out that yesterday's high brought price up to nearly the weekly 5 ema which caused a push to the downside. At the same time the weekly 5 ema was nearly touched the daily 13 ema was touched then price fell a bit and settled. When price opened today with the new candle it rose up to the daily 13 ema where it was rejected and has been heading down since. I would also like to point out that that same zone also happened to be the 50.0 fib level of the last major move down on the 4 hour time frame.
Looking at the 4 hour chart I can see price is heading down to a trend line I have drawn connecting a couple higher lows together. A break below this trend line will confirm further price action taking a dive to the downside. The 5 ema on the 4 hour is rolling down and looks like it may cross below the 13 and 21 ema's and the stochastics is pointing straight down.
Moving on to the hourly time frame price has just recently broken below the new channel that was trying to develop. The 5 ema has crossed below the other ema's and is heading straight downward.
Finally, on the 15 minute time frame price has broken below the 233 ema and the 5 has crossed below the 233 as well. Other than expected retracements I expect this pair to only head down.
