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Shooting stars patterns have occurred at 112.428, 112.717, 112.886 and 112.545 levels and hanging man patterns at 112.790, 112.785 and 112.649 levels.
As a result, the momentum in the previous upswings has been hampered last week. Consequently, the current prices have slid below 7DMA.
For short-term traders, next stiff resistance is observed at 112.7230 (7DMA levels).
Momentum & strength in trend analysis: Stochastic curves on daily terms are converging downwards that indicates the intensified selling momentum and on monthly terms have been indecisive to indicate no momentum for the upswings seen in the last month, while RSI indicates strength in the downtrend on both timeframes.
Trend analysis: Lagging indicators (MACD, 7, 21 DMAs & EMAs) have also been indicating indecisiveness while prices attempt to bounce which is not coupled with the better clarity by the trend continuation.
Thus, any attempt of upswings is deemed as an ideal opportunity for shorting.
On a broader perspective, after rejection at around stiff resistance of 23.6% Fibonacci retracements, shooting stars & gravestone doji signal weakness. We reiterate that please be noted that the bullish swings seen for the month are not backed by momentum & trend indicators.
The massive volumes formation during the course of the bearish rout is to substantiate the major trend.
Trading tips: Contemplating above technical reasoning, on speculative grounds we advise tunnel spreads which are binary versions of debit put spreads.
This strategy is likely to fetch leveraged yields than spot FX and certain yields keeping upper strikes at 112.828 and lower strikes at 112.414 levels.
While we advise using short positions in futures contracts of mid-month tenors for hedging downside risks upto 109 levels.
Currency Strength Index: FxWirePro's hourly USD spot index has shown -32 (which is bearish), while hourly JPY spot index was at 14 (neutral) at 06:17 GMT. For more details on the index, please refer below weblink:
http://www.fxwirepro.com/currencyindex.
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