It's been a while but lets get right to it.
Weekly
The orange line I drew up is from the highest high back in 2011 (about a 3,745 pip range). This line was broken last year in July. Recently it's established a consolidation area in the past month and can be seen that momentum has slowed for a bullish outlook. As you can see the recent top has not been touched since late 2015.
Daily
The daily RSI shows some up-ticks, and the MACD shows a bullish crossover though prices on the chart are consolidating. This timeframe also allows us to see the bullish flag in the making, along with the intended target. I've also played the opposing side to see the strength of a bearish turnout. The elliot wave has not finished developing either and we can be seeing a rise to the .618 retracement then a fall down to the .382 retracement.
Although this analysis is brief I do believe the chart will go up to retest the 2015 high. So far I am bullish because we still have some room to go up, if not to the top of the channel, then to the resistance from (0)-(1) on the bullish wave (approx. 1.0826).
Looking for an entry point?
Weekly
Daily
The daily RSI shows some up-ticks, and the MACD shows a bullish crossover though prices on the chart are consolidating. This timeframe also allows us to see the bullish flag in the making, along with the intended target. I've also played the opposing side to see the strength of a bearish turnout. The elliot wave has not finished developing either and we can be seeing a rise to the .618 retracement then a fall down to the .382 retracement.
Although this analysis is brief I do believe the chart will go up to retest the 2015 high. So far I am bullish because we still have some room to go up, if not to the top of the channel, then to the resistance from (0)-(1) on the bullish wave (approx. 1.0826).
Looking for an entry point?