The typical range-trading on the hourly chart continues. The 4-hour chart's RSI is floating in neutral territory. However, there is a fresh bearish cross forming on the daily chart's Slow Stochastic indicating a bearish correction might take place in the nearest future. Going short might be a wise choice.
The cross experienced much bearishness yesterday, and currently stands at the 1.6415 level. There is plenty in the chart's oscillators that supports a possible bullish correction today. Going long with tight stops may turn out to bring big profits today.
There is a fresh bullish cross forming on the 4- hour chart's Slow Stochastic indicating a bullish correction might take place in the nearest future. The upward direction on the daily chart's Momentum oscillator also supports this notion. When the upward breach occurs, going long with tight stops appears to be preferable strategy.
The 4-hour chart is showing mixed signals with its RSI fluctuating at the neutral territory. However, the daily Chart's RSI is already floating in the oversold territory indicating that a bullish correction might take place in the nearest future. When the upwards breach occurs, going long with tight stops appears to be a preferable strategy.
The Wild Card
Crude Oil prices rose significantly in the last month and peaked at $74.10 per barrel. However, there is a bearish cross on the daily chart's Slow Stochastic suggesting that the recent upwards trend is losing steam and a bearish correction is impending. This might be a good opportunity for forex traders to enter the trend at a very early stage.