Analysis provided by Ashton Fraser, learn more about his trading strategies with the Forex Reversal indicator.

, price was most likely going to remain in the zone between 3.3 and 3.5. And that's exactly what it has done; indeed right now it's smack bang in the middle at 3.4, pretty much laying eggs there for some time really.

Let's take a closer look at a refreshed NMC/USD H4 chart (click to expand):

Again, I've performed the same Fibonacci study as I did last time, since not much has changed. I.e. from March's high on the 4th at 4.15, until this week's low at 3.3.

It's obvious the market has consolidated, with bulls and bears virtually cancelling each other out. It's been going on since a few days now, and as a result, the Bollinger Bands have been tightening ever since, to such a degree where its lines have become perfectly horizontal.

But within this squeeze there are still some gentle movements in the form of sine waves. I expect this pattern to continue for at least one more wave, as indicated by the blue line I've drawn on the chart above.

We have the Stochastics as crossing down, without being oversold, and both Bill Williams' Oscillators, the Accelerator and Awesome are now red, so I maintain price will head down for perhaps a couple of more candles, before rising to near the 23.6% level again.

Learn more at https://www.forexreversal.com

Analysis provided by Ashton Fraser, learn more about his trading strategies with the Forex Reversal indicator.

, price was most likely going to remain in the zone between 3.3 and 3.5. And that's exactly what it has done; indeed right now it's smack bang in the middle at 3.4, pretty much laying eggs there for some time really.

Let's take a closer look at a refreshed NMC/USD H4 chart (click to expand):

Again, I've performed the same Fibonacci study as I did last time, since not much has changed. I.e. from March's high on the 4th at 4.15, until this week's low at 3.3.

It's obvious the market has consolidated, with bulls and bears virtually cancelling each other out. It's been going on since a few days now, and as a result, the Bollinger Bands have been tightening ever since, to such a degree where its lines have become perfectly horizontal.

But within this squeeze there are still some gentle movements in the form of sine waves. I expect this pattern to continue for at least one more wave, as indicated by the blue line I've drawn on the chart above.

We have the Stochastics as crossing down, without being oversold, and both Bill Williams' Oscillators, the Accelerator and Awesome are now red, so I maintain price will head down for perhaps a couple of more candles, before rising to near the 23.6% level again.

Learn more at https://www.forexreversal.com