Monthly: Mixed trading for the last 9 months has resulted in a large symmetrical triangle being posted on the monthly chart. Price action in October posted a bearish Outside Month which offers a medium-term negative outlook. The Marabuzo level (mid-point from open and close) from November is located at 1.6902
Weekly: Broken the channel formation to the downside. Reverse trend line resistance is seen at 1.7416. There is scope for a bearish Head and Shoulders to form with a right shoulder located close to 1.7255
Daily: Levels close to the 261.8% extension of 1.6429 (from 1.7929-1.7355) have found buyers. This could be seen as the completion of the first (dis-jointed) bearish 5-wave pattern (Elliott Wave). Yesterday’s price action posted a bullish Outside Day, positive for short-term sentiment
Intraday (8-hours) – Mixed and volatile trading looks to have formed a reverse Head and Shoulders. A break of 1.6622 and the measured move target is 1.6952 (close to the monthly Marabuzo level at 1.6902)
