The resistance level of US30 is at 33350, which is the H4 resistance level, a strong one indeed. It should be noted that the market is still bullish with the formations of higher highs and higher lows. We are waiting for the market to retest the resistance as the trend is already bearish and the market has formed lower lows and lower highs.

The ascending trendline is in formation but is far away from the current prices, hence making it far fetched retest or breakout target for the market. The trendline has induced the breakout sells for the market. We will look at the lower timeframes for another breakout sell.

There is no retracement indication on the pair as of now.

The EMA 50 has turned bearish and the market has yet to retest it after the breakout from the EMA 50. We will continue watchin the EMA 50 closely if any retest is bound to happen.

RSI is at 23. As the market dwells further lower, we will have another aspect for a retrace back at the 50 level mark in order to confluence with all other technical factors.

Textbook breakout and retest

Jan 19 2023