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On dailies, a shooting star pattern has been appeared at peaks of 115.132 levels to signify weakness at this juncture.
Earlier, we had traced out the double top pattern as well with the 1st top at 116.365 levels and 2nd top at 116.280 levels on daily charts.
The current prices have tested supports at 7DMAs and major supports after double top formation.
The current prices on monthly plotting slid below EMAs and major supports but drifting into sideways.
While the price behavior on monthly chart consistently rejected at inverse saucer to push further downside, the current prices have also slid below EMAs and major supports of 113.401, the sustenance below would prolong the major downtrend.
Currently, on daily plotting RSI (14) converging below 57 levels to the dipping prices and below 37 levels on monthly terms (while articulating).
While, %D crossover at overbought zones signals the selling pressures and selling momentum is still intensified on monthly charts.
Please be noted that the prices have been slipping through lower Bollinger band and rejecting upswings at 7EMA where it has lost buying interest.
The pair is still steaming up with heaps of other bearish indications by leading oscillator on the monthly chart.
As stated earlier in our long-term trend analysis more downside targets are on the cards as the bears taking over the rallies to evidence every dips with ease and with huge volumes (see monthly charts for volumes conformity).
The most probable scenario would be that it may retest recent lows of 110.824 levels in the weeks to come.
Trade tips: As a result of above technical reasoning, on speculative grounds we see tunnel spreads which are binary versions of debit put spreads are the right trading choice for the day.
Those who are betting on today’s bearish sentiments, this strategy seem best suitable for certain yields but with leveraging effects. This is just for an intraday trading perspective, but in long run, this is certainly not yet an ideal time for fresh longs.
