We kept urging trend is your friend and the major trend has been bearish, we’ve been uttering this not to buck the major trend in our previous write-ups. Please follow below weblinks for more readings on this:
Well, it has plummeted almost 6.81% prices from the channel resistance (i.e. from the highs of 0.7734 to the current 0.7208 levels), we’ve been able to anticipate these slumps in above-stated write ups, and rest is history.
For now, the major downtrend has still been sliding in sloping channel that is long-lasting you could see the price declines since 2012.
The bears’ extension from channel resistance at around 0.7688 levels and the major downtrend has been intensified by selling momentum.
RSI evidences downward convergence to the declining prices that signal strength in the bear trend, while stochastic curves have been indicative of selling momentum as %D crossover has been observed right from 80 level which is the overbought territory.
The current prices on this timeframe have again been slid below EMAs.
Massive volumes are in conformity to the price declines even on monthly terms.
Well, taking the major trend in the consideration we like to advise shorts in the futures contract with mid-month expiries for southward targets up to 0.70 levels but keep a strict stop loss of 0.7402 levels.
