Aug 5, 2019 --- Blog
As is customary, we'll zoom out to the weekly chart this Friday where we can see that price continues to tread water around the top of the upper demand area on still red SCMR signals and primarily bearish candle formations while market structure remains broken and heavy, all pointing to more consolidation moving forward but with a still intact bearish bias. The falling moving averages, strong dynamic resistance overhead, still lackluster volume indications, and increasingly bearish Ichimoku Cloud confirm that the bears are still in control overall, although the longer the bulls defend the 0.0074 level the better the odds are of the oversold momentum oscillators sparking a decent bounce to the upside.
XMRUSD continues to consolidate as expected on neutral SCMR signals and small and mixed candle formations while price gets squeezed by the shorter-term moving averages, all suggesting even more sideways action over the upcoming weekend, however the bears still have a slight upper hand overall due to the multiple levels of intact dynamic resistance overhead, the lackluster momentum and volume indications, and the bearish Ichimoku Cloud so we continue to think that there is a fairly good chance of a retest of sub-80 $ levels in the not too distant future.
Short term Members ProTrade - No trade idea right now
Medium-term Members ProTrade - We will consider a small LONG position on another retracement back down to the 0.00xx - 0.00xx area with a stop just below 0.00xx and a target of 0.00xx.
Long term Members ProTrade - We will consider a small LONG position on another retracement back down to the 0.00xx - 0.00xx area with a stop just below 0.00xx and a target of 0.00xx.
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