Monthly: Posted a bearish Outside Month in March. This pattern often highlights the top of a trend and the start of a new downward bias. For the last 8 months we have seen mixed results with levels close to the March Marabuzo of 132.79 (mid-point from open and close) finding sellers.
Weekly: Holds within an Expanding Wedge formation. This pattern has an eventual bias to break to the downside. Trend line support is currently located at 125.84. The measured moved target is the start of the wedge at 109.20. To the upside, 132.00 to 134.00 is a previous congestion zone.
Daily: Impulsive move to the downside from the 113.13 high trade (21st September 2018). Mixed trading for the last 11 days. A full AB=CD corrective formation would take the pair to 130.94
Intraday (8-hrs) – With higher lows, the mixed trading looks to be forming a bullish ascending triangle formation. A break of 129.10 and the measured move target is 130.60. With bespoke support located at 128.10, out preferred trade is to buy into dips
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