Weekly Time Frame:
Daily Time Frame:
Weekly time frame: By reading price action we can see a series of higher lows and higher highs. Upon the bounce of 123.000 key psychological resistance, price failed to break to create new highs. After the bounce of this level price managed to fall back down to 119.750 previous swing lows.
Daily time frame: We can see a potential head and shoulders formation. We can also see how price managed to break our first trend line and now testing the second. If it breaks the second it will confirm sellers are in control of this market.
Right now we have a potential bounce or break situation as price is testing 119.750 key quarterly psychological support. If price manages to stay above this neckline, trend line, and support, we can anticipate buying opportunities back to 123.000 key psychological resistance. Although upon a break of this zone we can look to sell this down to 118.000 and potentially 116.000. This daily close will determine what the market may do next