held up better than expected after a NP smashdown friday night
A neutral doji with 4c tail 1c red body 1c wick so the selldown was bought but low volume is very worrying and may signal weakness as not many buying or selling and the large shorters are sitting it out last 2 days.
The 2.45-2.55 area looks to be a target for the shorters.
DXY (USD$ is flattening out below annual lows and may signal a reversal, pause or continued downtrend.
With US inflation aneamic at 1.7% expect US rates to stay on hold longer till 2018, USD to go lower & downtrend to continue so may take a few more weeks to find out. This affects the NP trend.
I'll wait for this to play out, I agree may see more shorting attacks downwards to 2.45-2.55 to complete the rounding top pattern from 21 August & then may see a rebound or sideways fight until the DXY trend continues lower and NP rebounds higher.
WSA Price at posting:
$2.62 Sentiment: None Disclosure: Not Held
