21:06 UTC
Downtrend, five straight weekly declines · RSI 24 · price 0.56502
Lower highs and lower lows since the Aug 21 high, retesting the June low.
Five straight weekly declines from the Aug 21 high at 0.5988 have built a clean lower-high chain along a falling trendline. Price now sits below a declining EMA(50) and near 0.5650, having retraced about 90% of the June–August rally. The 0.5994/0.5988 twin highs now form a double top against the 0.5626 june low. Strong US flash PMIs and Fed-hike repricing drove last week's break below the 0.5704 sep lows, and RSI near 24 is a genuine D1 oversold reading with no bullish divergence yet.
Support: 0.5626, 0.5600
Resistance: 0.5704, 0.5749, 0.5800
What it said to watch
- Daily close below the 0.5626 june low confirms the double top and exposes the 0.5600 range floor in place since April
- Daily close back above the 0.5704 sep lows and the 0.5749 lower high would break the trendline and the lower-high sequence
- 0.5800 psych level, with the 38.2% fib of the Aug–Sep decline near 0.5778, marks the zone where corrective rallies have been capped
- US JOLTS, ADP, Core PCE and Friday NFP this week could materially shift this read via Fed October hike odds