What’s happening with price?
Good Afternoon Dynamic Traders,
There isn’t really too much to report from yesterday, because price hasn’t moved much since yesterday. This is why I have decided to have a closer at the price action by looking at the 4hour chart. In the 4hour chart below you can see recently price has definitely been in an uptrend. With this uptrend you will also notice that the MACD has been showing us divergence.
In the 4hour chart below you will also notice that price has been moving sideways which is an indication of price being not sure what it wants to do. This helps to explain the slow movement of late in price on the day chart. However this doesn’t necessarily mean that price will turn and drop, because in the 4hour chart you will see that the VI is slowly sneaking up to the price action which could act as support.
What do you think price is up to?
Happy Trading
Richard Monnery
There isn’t really too much to report from yesterday, because price hasn’t moved much since yesterday. This is why I have decided to have a closer at the price action by looking at the 4hour chart. In the 4hour chart below you can see recently price has definitely been in an uptrend. With this uptrend you will also notice that the MACD has been showing us divergence.
In the 4hour chart below you will also notice that price has been moving sideways which is an indication of price being not sure what it wants to do. This helps to explain the slow movement of late in price on the day chart. However this doesn’t necessarily mean that price will turn and drop, because in the 4hour chart you will see that the VI is slowly sneaking up to the price action which could act as support.
What do you think price is up to?
Happy Trading
Richard Monnery
Labels: YEN
posted by Richard Monnery @ 14:34
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