Previously, buyers have been trying to push this pair higher and above 200EMA, but we can see major sellers stepping in after price has reached the 200EMA (as highlighted from the green circle).
Last week, we saw a significant push from buyers once again and breaking thru the 200EMA and now price is consolidating between a major and minor S/R zones. So I'm expecting two potential opportunities for great trades here:
200EMA will reach the minor and act as support in combination with the minor , and buyers will step in and push the price even higher, so my entries, TP, & SL will be as follows:
Aggressive Entry: 65.470
Conservative Entry: 65.320
TP & SL:
Sellers will once again take over this pair and push the price down again to previous major . In this case, I would like to see a break of the 200EMA, in combination with favourable price action to enter the market and target the next major , so my entries, TP & SL will be as follows:
Aggressive Entry: 65.200
Conservative Entry: Break of 200EMA
TP & SL:
* Range bound market.
* Price is nearing 200EMA.
* currently bouncing off 50 level, indicating buyers strength for now.
* De-listing of Chinese companies from US major stock exchange ( CNY = NZD)
* Rising tension between US and China relationship ( JPY)