Tuesday 31st August 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.
Monday 30th August 2021: Technical Outlook and Review
On the H4, price drifted sideways still holding below 1st resistance at 35631. We see a medium 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
Thursday 26th August 2021: Technical Outlook and Review
On the H4, price edged slightly higher but still approaching 1st resistance at 35631. As long as price continues to hold below this resistance, we still see a low probability bearish scenario where sellers may try to 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
Wednesday 25th August 2021: Technical Outlook and Review
On the H4, price drifted sideways overnight and is still approaching 1st resistance at 35631. We see a low probability bearish scenario where sellers may try to 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
Tuesday 24th August 2021: Technical Outlook and Review
On the H4, price pushed higher overnight and is approaching 1st resistance at 35631. We see a low probability bearish scenario where sellers may try to 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
Monday 23 August 2021: Technical Outlook and Review
On the H4, price is holding between 1st resistance at 35631 and 1st support at 34690. With no good levels for entry to provide reasonable risk to reward ratio, we prefer to stay neutral for now and observe. A break above resistance will see price push higher, whilst a break below resistance could see price drop lower as well.
Friday 20th August 2021: Technical Outlook and Review
On the H4, price is below resistance at 36021 in line with 127.2% Fibonacci extension. With stochastics below the resistance, we might continue to see a bearish scenario where sellers may enter and push price lower towards 1st support at 34494.34 in line with 61.8% Fibonacci retracement. Otherwise, price may swing towards 1st resistance at 36021 instead.
Thursday 19th August 2021: Technical Outlook and Review
On the Daily chart, price is still testing and holding below resistance at 36021. With stochastic still holding below resistance where price dropped in the past, we see price facing possible bearish pressure.
Wednesday 18th August 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.
