Shooting star patterns have occurred at 21.5571 and 20.8273 levels on weekly and monthly terms respectively.
Ever since this bearish pattern candlestick, the bears have constantly been dipping from wedge top line, for now, managed to break below wedge support as well.
We now call for more dips on bearish WMA crossover,
On broader perspectives, shooting star plummets prices in the major uptrend; bears are now on track to head towards 38.2% Fibonacci retracements after breaching below 7EMAs, the massive volumes have formed to confirm dips.
The current downtrend has constantly been in conformity with the healthy momentum and trend indications (by leading & lagging indicators) and volumes formation.
RSI and Stochastic on the other hand (on both weekly and monthly terms) signal firm bearish momentum even in oversold territory as they converge to the ongoing price dips.
To substantiate, MACD also signals this bearish trend likely to prevail further.
Despite today’s negligible intraday bull swings, average volumes are in conformity to the bear trend, we’ve seen a volume as well as open interest confirmation with these bearish indications.
Subsequently, on intraday speculative grounds the best way to approach this pair is to deploy below advocated binary options strategy.
Trade tips: We reckon it wise to capture deceptive dips and stay long, as a result of above technical reasoning we see opportunity in tunnel spreads that seem more conducive for intraday speculators.
This strategy is likely to fetch leveraged yields than spot FX and certain yields keeping upper strikes at 18.8254 (7WMA) and lower strikes at 18.0150 (lower BB levels).
This strategy is best suitable for leveraging effects if you are the conviction on downside targets.
On hedging grounds, we reckon staying short in futures contracts of mid-month expiry with a strict stop loss of 19.3258 levels, this position is likely to arrest any downside risks below 18.3340 (21DMA levels) until expiration.
