High wave candle II

The market is still in the sideway mode as the price keep ranging within the hi-lo of the high wave candle. Price still failed to break the high wave candle's high and now developing a possible bearish engulfing candle. Take note the price was also rejected by the descending trendline.

In normal situation, the sellers would be watching the 157.00 resistance level closely before entering the market. However, it might be better to stay aside as the FOMC data is coming up at 2.15 am.

Below is the H4 chart as of 11 pm Malaysia (take note that the latest candle will be closed in the next 2 hours).


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