It seems like on a weekly timeframe this pair reached a resistance or supply zone(LOWER HIGH) and to back this up with top down analysis on a daily timeframe, the market formed a head and shoulders chart pattern which is a reversal chart pattern. Moving on to the 4 Hour timeframe the market broke the neckline, probably confirming the new direction of the market. Before any sell orders the market has to go through a correction phase to release buyers that are still in the market. On the 1 Hour timeframe, traders should be vigilant for reversal candlestick pattern, chart pattern or Fibonacci retracement for entries......
N.B THIS ANALYSIS CAN ALSO BE USED ON CORRELATING PAIRS: EURUSD GBPUSD NZDUSD USDCHF USDJPY
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