Formation – Rising channel on daily chart
- Prices are flirting with $41.46 (Mar 8 high). First attempt to take out offers around the same appears to have failed, but another attempt is likely given the greenback is on a weak footing.
- On the hourly chart, we see a Doji with long higher shadow at $41.46 indicating a dip could be seen to $41-40.90 before another attempt is made
- A violation at $41.46 on daily chart would open doors for a rise to $42.19-45.00 levels.
- On the other hand, another failure to take out $41.46 would shift risk in favor of a drop to $40.39, which if penetrated would open expose falling trend line support at $39.70