On the 1 hour chart, we can see more closely the recent price action with the price getting rejected several times from the black counter-trendline except the fakeout on the 4th of April. We got yet another rejection yesterday as the price continued to consolidate just beneath the counter-trendline. The market might be waiting for the US CPI release before taking a direction and even if we get a breakout, the buyers will need to be careful as a hot report could trigger a strong selloff.