3rd Long Upper Wick/Rejection - Exactly Where One Might Expect.
Rising Wedge at 61.8% retracement of 2011-2012 range, in confluence with descending Symmetrical Triangle trend line overhead around ~1.38.
This line has proven too formidable to breach in the past under wildly different policy and market regimes (mid-2008 and mid-2011). Will this time prove different?
For now, the Symmetrical Triangle's falling TL receives the benefit of the doubt, suggesting a decline over 2014 back to the low 1.20s. This constitutes my primary operative thesis for the next 12 months; while the bullish alternative sees a break through 1.38 to first test 1.40 and then 1.45.
*Note: these comments constitute my own opinion: they should not be construed as financial/investment advice; and are not associated with any other party or affiliation.
This line has proven too formidable to breach in the past under wildly different policy and market regimes (mid-2008 and mid-2011). Will this time prove different?
For now, the Symmetrical Triangle's falling TL receives the benefit of the doubt, suggesting a decline over 2014 back to the low 1.20s. This constitutes my primary operative thesis for the next 12 months; while the bullish alternative sees a break through 1.38 to first test 1.40 and then 1.45.
*Note: these comments constitute my own opinion: they should not be construed as financial/investment advice; and are not associated with any other party or affiliation.