Yesterday’s Report

As expected, Price Action was slow moving yesterday but did come off a double bottom and test daily Pivot (DP) so was technically well behaved. No trade day for us as the States celebrated Martin Luther King Day.

Technical Analysis

 

By default, Price Action (PA) finds itself above a tested DP which is still out front of a Bearish formation. A bearish continuation appears likely as a lower High & Low sequence becomes prominent on H4, as does the formation of a decent Flag #1. As mentioned yesterday, Fibo fans will be thinking Long here so it could be interesting.