Missed our last sell trigger by three pips (1.4380). We now look to sell into rallies once more
Monthly: Moving higher from the 2016 low of 1.1905. The previous two months have posted Inside Harami candles (or soldiers), a clear sign of investor indecision. Bespoke resistance is at 1.4380. Rallies are being rejected.
Weekly: In a bullish channel formation. We have seen a stalling in positive momentum close to the 261.8% extension of 1.4211 (from 1.1897-1.2781). Bearish divergence can be seen on the weekly chart (chart makes a higher high while the oscillator makes a lower high) with a bearish Outside Week posted, often an indication that a top is in place. Trend line support is located at 1.3700
Intraday (four-hours) – Moving lower in an impulsive selloff. There is no clear indication that the move is coming to an end. However, with bespoke weekly support seen at 1.3925, and signal for sentiment at oversold extremes, we would not look to sell at current levels. The 261.8% extension level from 1.4379-1.4161 is located at 1.3808. This is just above the aforementioned trend line support at the previous swing low from the 1st March 2018. Bespoke resistance at 1.4115
