We have two key price action markers on the daily timeframe.
1. Price makes an attempt to trade above previous highs and it does. However, price failed to hold above and close.
2. The subsequent candle is an indication that momentum to the downside is accelerating. With the DXY looking bearish, this is a good sign that we can expect further downside.
1. Price makes an attempt to trade above previous highs and it does. However, price failed to hold above and close.
2. The subsequent candle is an indication that momentum to the downside is accelerating. With the DXY looking bearish, this is a good sign that we can expect further downside.
It doesn't look as clean now, but price was indeed looking to breach the neckline just a few minutes earlier.