After a stern break-out below major supports at 111 levels (lower BB, Avrg. of recent lows), our bearish targets of 109.698 or 108.029 levels are very well achieved, now signals even more scope for downside to targets upto106.618 levels.
RSI and Stochastic oscillators on all time frames are indicative of further declines.
Today trade opened with gap down that signifies ongoing bearish trend’s momentum.
On a broader perspectives, nothing much varied stances from daily observation but leading oscillators are approached but no trace of buying indications.
21DMA crossing over on 7DMA on daily has been observed, which is a bearish continuation signal, it is evident on both daily and weekly chart and on monthly there is an attempt of bearish crossover, hence the trend most likely to extend.
Instead, these indicators are evidencing downward convergence to the price dips.
%D crossover even below oversold zone on weekly plotting have been convincing that the selling momentum is still strong.
Trade tips:
Keeping the ongoing bear trend in mind we reckon, we advocate "One touch binary put option" which are cash-or-nothing contracts for intraday bearish speculation.
Nevertheless, at spot FX reference – 108.065, short term bears can eye on shorts in near month futures for targets of 106.618 with strict stop loss of 108.577 levels.
