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After the rejection in the rallies of this pair again at the resistance of 0.7698 levels, we could spot out back to back long legged doji patterns at 0.7584 and 0.7606 levels.
This bearish formation pushes the current prices below DMAs, the bearish crossover is also seen on moving averages (7DMA crosses below 21DMA).
Consequently, although today’s rallies look quite attractive, we could foresee the upside potential up to the next strong resistance at 0.7596 mark (i.e. 21DMA), which means upward travel of another 20-30 pips maximum can be possible as we see the shrinking buying momentum on leading oscillators.
But MACD on daily plotting indicates the bearish trend to prolong further. While both RSI and stochastic oscillators have been indecisive to generate any convincing signals.
Hence, intraday and short-term speculators can eye on both bearish and bullish sides.
On the contrary, the major downtrend has been sliding through the sloping channel, restrain below 21EMA and channel resistance.
The current prices on monthly charts have now reached channel resistance, and the pair at this juncture has been failing quite often to reject at channel resistance, so the question, for now, is that can the prevailing upswings break & sustain above channel resistance?
Trading tips:
On intraday terms, as the leading oscillators noise with indecisiveness, we don’t foresee the clarity in direction on either side.
Hence, on speculative grounds, one can use boundary binary options with stikes of 25-30 pips above and strikes of 30-35 pips below for targets of 40-50 in between pips with ease. We prefer the boundary binaries as the intraday swings are capped on either sides.
