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Chart and candlestick pattern formed - Double top, shooting stars and bearish engulfing on monthly plotting and shooting stars on daily plotting.
Shooting stars and bearish engulfing candles have occurred at 1.4236, 1.4020, 1.3962 and 1.4092 levels respectively on monthly terms.
Shooting stars have formed on daily plotting at 1.3519, 1.3523 and 1.3464 levels that nudge the prices below DMAs, these bearish patterns have managed to breach major supports & evidence steep slumps.
As a result, the current prices have gone way below DMAs and EMAs, for now, more dips on cards as 7DMA crosses below 21DMA and same has been the case with EMAs on monthly terms which is bearish crossovers.
On the other hand, double top formation with top 1 at 1.4443, top 2 at 1.4545 & neckline at 1.3303 is observed on monthly terms.
Both leading oscillators (RSI & stochastics) and lagging indicators (DMAs, EMAs, and MACD) signal strength and intensified bearish momentum in the extending downtrend.
For now, the current price is way below EMAs lingering at two and a half years’ lows, expect more dips upon breach below neckline coupled with intensified momentum and bearish EMA crossover.
We wouldn’t be surprised even if the pair shows any abrupt negligible spikes. Don’t expect any asset class to fetch us steep spikes or declines forever, if it happens then that’s deemed as speculative moves, on the contrary, it should drop back again.
Trade tips: On trading perspective, it is advisable to buy tunnel spreads using binary puts with upper strikes at 1.3310 and lower strikes at 1.3260 levels, the strategy is likely to fetch leveraged yields as long as underlying spot FX keeps dipping but remain below lower strikes at 1.3260 on or before the binary expiry duration.
Currency Strength Index: FxWirePro's hourly USD spot index is flashing at -164 levels (which is highly bearish) while articulating at 06:02 GMT. For more details on the index, please refer below weblink:
http://www.fxwirepro.com/currencyindex.
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