Friday 17th September 2021: Technical Outlook and Review
On the Daily chart, price drifted lower below 1st resistance at 35600. With stochastics reacting below resistance where price pulled lower in the past, it is possible to see some selling pressure push price lower towards 1st support at 33270. Otherwise, breaking above 1st resistance will see price swing higher towards 2nd resistance at 37770.
Thursday 16th September 2021: Technical Outlook and Review
On the Weekly, price continues to hold between 1st support at 33270 and 1st resistance at 37770. With price holding above moving average, we still see possible bullish pressure. However with no good levels for entry, we prefer to remain neutral for now.
Wednesday 15th September 2021: Technical Outlook and Review
On the Weekly, price continues to hold between 1st support at 33270 and 1st resistance at 37770. With price holding above moving average, we still see possible bullish pressure. However with no good levels for entry, we prefer to remain neutral for now.
Tuesday 14th September 2021: Technical Outlook and Review
On the Weekly, price continues to hold between 1st support at 33270 and 1st resistance at 37770. With price holding above moving average, we still see possible bullish pressure. However with no good levels for entry, we prefer to remain neutral for now.
Monday 13th September 2021: Technical Outlook and Review
On the Weekly, price continues to hold between 1st support at 33270 and 1st resistance at 37770. With price holding above moving average, we still see possible bullish pressure. However with no good levels for entry, we prefer to remain neutral for now.
Thursday 09th September 2021: Technical Outlook and Review
On the H4, price has experienced a minor pullback towards 1st support at 34494.34 in-line with 61.8% Fibonacci retracement. We still see a low probability bearish scenario where sellers may further add to their shorts to push price lower towards our 1st support. Otherwise a break beyond our 1st support will see the price swing lower towards our 2nd support at 33741.76. MacD is showing potential for further downside.
Wednesday 08th September 2021: Technical Outlook and Review
On the H4, price has experienced a minor pullback towards 1st support at 34494.34 in-line with 61.8% Fibonacci retracement. We still see a low probability bearish scenario where sellers may further add to their shorts to push price lower towards our 1st support. Otherwise a break above our 1st resistance will see the price swing higher towards the next resistance at 36693.63. Stochastic is showing potential for further downside.
Tuesday 07 September 2021: Technical Outlook and Review
On the H4, price traded sideways overnight, but still holding below 1st resistance at 35631. We still see a low probability bearish scenario where sellers may further add to their shorts to push price lower towards our 1st support at 34690. Otherwise a break above our 1st resistance will see price swing higher towards next resistance at 36146. Stochastic is testing resistance where price pulled back lower in the past as well.
Monday 06th September 2021: Technical Outlook and Review
On the weekly chart, price is trading sideways holding between 33270 support and 38119.37 resistance. With price holding above long term moving average, we see a possibility of price facing further bullish pressure.
