Call it a complex H&S with double heads or a double top but WTI Crude Oil finally broke down out of its 2 month long range today to close below 95. If 50SMA holds, then 95/95.50 should be a good opportunity. On sentiment front, hedgies apparently are extremely long positioned which supports our short idea.
Another short candidate is EURUSD which closed below its 50SMA and an uptrendline dating back to November. Admittedly, it is currently sitting at a major support range of 1.3245/85 and still above another uptrendline dating from late July. Should support hold, then we will likely retest broken uptrendline.
P.S. Cable had a range of 260 pips today. I am wondering whether we are in for a pause in selling?
One more chart: AUDJPY Ascending Triangle breaking down instead?
Another short candidate is EURUSD which closed below its 50SMA and an uptrendline dating back to November. Admittedly, it is currently sitting at a major support range of 1.3245/85 and still above another uptrendline dating from late July. Should support hold, then we will likely retest broken uptrendline.
P.S. Cable had a range of 260 pips today. I am wondering whether we are in for a pause in selling?
One more chart: AUDJPY Ascending Triangle breaking down instead?
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