USDHUF - Price at key resistance. Pull back possible to 229,60
Daily: USDHUF has reached its key top resistance at 233. Since the confirmed Kumo breakout this bullish trend had a really nice power. However with ADX above 36 it is almost impossible to keep this going up from here. Slow Stoch also reached overbought level. What is rather possible is a pullback to Kijun sen and the Inner trendline to ard 229,60 level. Keep in mind that until price doesn't break below 229,60, the big picture will still remain bullish. But for now it is wise to take profit on longs. Brave hearts can also try a 0,5 Unit short trade with stop above 234. (risk:reward is 1:3)
4 Hrs: The Ichimoku trend setup is still bullish, but Price got far away from its recent euilibrium. Far above Kijun Sen and the Kumo now, while ADX here as well reached extremely high level, it is above 50! DMI components started to converge a bit, DI+ is below ADX, this is a warning signal as for the trend to give back some momentum. Support based on furute Kumo and the trendline is 229,60.
If you look to enter a pull back short trade in small, watch for next Slow Stoch sell signal, and a candle close below Tenkan Sen.
4 Hrs: The Ichimoku trend setup is still bullish, but Price got far away from its recent euilibrium. Far above Kijun Sen and the Kumo now, while ADX here as well reached extremely high level, it is above 50! DMI components started to converge a bit, DI+ is below ADX, this is a warning signal as for the trend to give back some momentum. Support based on furute Kumo and the trendline is 229,60.
If you look to enter a pull back short trade in small, watch for next Slow Stoch sell signal, and a candle close below Tenkan Sen.