USDJPY is moving towards a support line. Because we have seen it retrace from this line before, we could see
BRN/USD is moving towards a support line. Because we have seen it retrace from this line before, we could see either a break through this line, or a rebound back to current levels. It has touched this line numerous times in the last 8 days and may test it again within the next 2 days.
Trend followers are probably eagerly watching FTSE100 to see if its latest 4 consecutive candles continues. If not, the mean-reversion people out there will be delighted with this exceptionally large 16 hours move.
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Emerging Falling Wedge pattern in its final wave was identified on the S&P500 15 Minutes chart. After a strong bearish run, we find S&P500 heading towards the upper triangle line with a possible resistance at 5979.7742. If the support shows to hold, the Falling Wedge pattern suggests a rebound back towards current levels.
A Falling Wedge pattern was identified on XAGUSD at 30.199, creating an expectation that it may move to the support line at 29.6087. It may break through that line and continue the bearish trend or it may reverse from that line.
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