G’day Surfers – ready for some action?……….Yeah – me too! All we have seen since Monday’s breakout of 1.3285, is consolidation and a false breakout to the North yesterday.
Price action is still consolidating into a continuation flag pattern, suggesting there’s still room to the upside. Interestingly & conversely to that, H4 chart is suggesting more pullback to the South, with a classic StP setup fuelling the argument predicting a false breakout of our resistance trendline. No wonder then, that my sentiment is mixed and I need to see confirmation of the false breakout or otherwise, before entering.
It’s interesting that price has evaded DP, yet ducked to the low side. Pivots still mixed of course. I am very non-committal today as I believe price action is likely to go either way so it’s business as usual, waiting for price action to reach Hotspots, of which I see 3. Price action is right on the first, so let’s see what the day brings.
Have a good one
Geoff |Certified SurfingThePips.com Trader
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