Following on from my general higher time frame analysis PA has been very bearish over the last few days and we are now close to testing the key level of 0.66740 – 0.67480 once again.
We should get some buyers / profit takers at this level assuming lower time frame PA displays slowing of momentum.
The shaded box shows the area of congestion we should be targeting. 0.67435 could be a nice area to look for long scalps. 0.67234 is our invalidation level.
It’s key to observe momentum as we approach this area, as technically it is our second touch on the higher time frames so we can smash straight through.
Weekly time frames show a strong bearish trend, so any long scalps here would be against the trend and should have appropriate expectations.