Richard Perry
Independent Analyst
After the unconvincing bullish key one day reversal has come an unconvincing “spinning top” candle (a near doji like neutral candle that shows equal higher and lower tails and a small body). The daily chart subsequently remains fairly negative. However on the intraday hourly chart the bulls are seemingly showing more confidence. An attempt to break through the resistance at $1.5736 yesterday failed to the pip. This would have completed a small base pattern that would imply further recovery gains (and would imply $1.5880). However the move failed and the bulls have just lost a bit of the impetus again. The higher low at $1.5630 becomes important for the recovery near term now. There is a slight bout of consolidation underway and if the rate were to move below $1.5630 then the bulls would have lost control of a potential recovery and a move back towards $1.5588 would ensue. Once again this is a chart at a key near term crossroads.
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