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The downswings break below support 103.237 and slid below DMAs (on verge of bearish crossover), after rejecting stiff resistances of 105.532 and 104.328 levels, failure swings have evidenced slumps to resume bears in the major trend.
RSI signals strength in current selling pressures, while Stochastic signals momentum in selling sentiments.
Same is the case with leading oscillators on monthly terms to confirm the selling momentum in major trend as both RSI and stochastic have been consistently converging to the price dips.
While MACD has also been indicating downtrend to prolong further.
On a broader perspective, the major downtrend has been holding stronger at supports of 100.389 with hammer pattern, the current swings go in whipsaws pattern.
The trend has still been moving in sideways after bearish rout for almost 1 year or so, the prices are holding stronger at 100.389 levels.
After the whipsaws pattern for last four months, we see convincing upswings that jump above 7SMA and breach a resistance of 103.223 levels but one should wait for a better clarity from the substantiation from the leading and lagging oscillators.
Downside likely to find support at 103.223 mark, the break below could see the retest of recent lows of 101.747 and below targets.
On a data front, the US unemployment claims is the major focus for the day.
Trade tips:
On an intraday trading perspective, boundary options with higher strikes of 103.414 levels and lower strikes at 102.797 levels are fairly suitable.
