Article Summary:
Article Content:
We begin the new Week essentially where we left off Friday in most Currency Units, as Price looks to continue some Quiet Accumulation leading into IntraDay Consolidating Areas.
The Majors still maintain larger Macro-Swings, albeit in some Clear Ranges moving forward.
We check in with our “IntraDay Flag Series” that we began last Thursday with several Units, so let’s check in and see how Price behaved moving forwards.
Remember, Chart Formations such as Flags/Pennants, Triangles, Coils, Head-and-Shoulders, etc. will always hold more Validity on the Larger Time-Cycles, and on the IntraDay View… they may be a bit “Looser” in Construction, but still hold their Functions nonetheless.
Here are The Hourly Views of The Fiber and The Queen with their respective Flags left Intact, so give The Captures a Click for various Levels of Reference.
Post-Time is 7:15 GMT.
( I hold the same Support, Resistance, and Transitive Rollover Areas on the Captures simply for the integrity of The Flags so we can see Price Progression of our Examples… they will be adjusted accordingly. )
The Hourly Bull Flag on The Fiber was soundly “defeated”, as Price violated the Apex of the Flag, and simply continued on towards the daily static Support levels at the 1.3890’s/1.3900 Handle.
The Queen, on the other hand, found Success with Her Bear Flag, as price snapped the Apex to the Upside with a sharp Reversal, Consolidation at the “Transitive Rollover” Area @ the 1.6200 Handle, and continued Price Depreciation towards the 50% weekly Fib Variant Confluence with Dynamic Support.
As always, these Formations may Fail… especially on the IntraDay View. In most cases, though… they will find some Success moving forward, even if they do not find “Full Completion”.
We can still use the Flag/Pennant Apex Respect or Violation as a “Leading Indicator”, if you will, of Price Directionality in the Immediate-Term.
As always, The “Currency Majors Technical Perspective” Report has been published for more Immediate-Term Perspectives on the Four Majors. I have also changed the Analysis a bit to be more Concise and Direct for you in terms of Immediate-Term Directionality.
I wanted to get back to the true Essence and Purpose of these Tech Reports each Day at 6:30 GMT, so I hope the subtle changes prove beneficial for you!
As always, I will have plenty of Updates as we move along throughout our Day with Technicals, as Data Points concerning the U.S. are rather “light” in Scope.
Please join me later, and i hope to see Everyone again Soon!
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