A bearish harami candle on the daily chart and the price rejection by the descending trendline on the H4 chart could be the early indication that the recent bullish rally might have been completed and the current major downward trend is still remains intact.
An aggressive seller might has already entered the market with a stop-loss placed slightly above the swing high at 137.3x with 1st profit target placed at the minor support at 134.7x.
Meanwhile a more conservative seller might want to wait until the minor support at 134.73 is decisively penetrated, before boarding the Southern Express train to the previous low at 132.00 region.
Below is the H4 chart as of 6 am Malaysia.
An aggressive seller might has already entered the market with a stop-loss placed slightly above the swing high at 137.3x with 1st profit target placed at the minor support at 134.7x.
Meanwhile a more conservative seller might want to wait until the minor support at 134.73 is decisively penetrated, before boarding the Southern Express train to the previous low at 132.00 region.
Below is the H4 chart as of 6 am Malaysia.
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