Bears made their presence felt yesterday with price breaking below 166 and hitting 165.40. Bulls marked the close slightly above previous day’s close at 166.20. This leads us to a continued series of white candles with higher highs and higher lows.
This morning, we are seeing bulls trying to control 166.00 level again and is currently forming somewhat of a bullish triangle pattern. Bullish traders can hold on to this pattern formation for their trades.
Fundamental roadblocks ahead for bullish trades are UK’s GDP Data at 2pm (GMT+8) as well as US’s PPI and Unemployment at 830am (GMT+8). These events, with expectations lower than previous releases may hamper bullish moves.
Personally, I prefer buying at the low side of a trading day’s session. My immediate bias is bearish for the price to drop down so I won’t hesitate taking a short trade when the setup forms. My main bias is to go long if the price has drop to down to acceptable levels with a nice 1 to 2-hour compression.
From yesterday’s short trade ^^