Monthly: Consolidation for the last 16 months. We are getting squeezed between the trend of lower highs (at 81.10) and the trend of higher lows (at 75.60). A break of support and we have an AB=CD formation target located at 59.50, just through the 61.8% pullback level of 63.10 (from 43.99-94.00)
Weekly: Previous support is located at 75.64. With the chart highlighting lower highs, we are assessed as being in a descending triangle formation that has an eventual bias to break to the downside. Trend line resistance is located at 80.39. A break of support (75.60) and the measured move is 67.39
Daily: Although we have seen a reaction to the downside, there has been no clear indication that the upward move has ended. Another leg higher (through previous resistance at 79.62) is likely to highlight bearish divergence (chart makes a higher high while the oscillator makes a lower high), often a solid indication that the rally has ended. Selling into further rallies offer a solid risk/reward trade.
![Credit Card 160×600 [EN]](https://assets.iorbex.com/blog/wp-content/uploads/2023/06/13144507/Blog-Banner_EN-Banner_160X600X2.webp)
