crossover on moving averages, a candle pattern appears at 74.361 levels as a confirmation and shown their impact, despite the upswings seen so far, the current prices still have been well below 7DMA for now (see EOD chart).
Stay short upon failure swings at resistance 73.60 levels & 7DMA.
While and oscillators have been consistently converging downwards to the price dips on both EOD as well as on monthly terms, so don’t get bull trapped by signals. giving crossover just for a day should not be deemed as a reversal signal.
Subsequently, on monthly signals to prolong ahead.
On monthly charts, the price declines consistently below EMAs and more slumps likely as and appear with huge volumes.
21EMA crosses over 7EMA that signals downtrend continuation.
Most importantly, the massive volumes on declining streaks are in conformity to the strong downtrend.
Hence, wait for better confirmation for long term positions, rather initiating fresh longs and getting bull trapped we see opportunities in this upswing by deploying boundary binary option strategies.
Upper strikes – 73.842; lower strikes at around 72.264 levels.
The trading between these strikes likely to derive certain yields in this puzzling trend and more importantly these yields are exponential from spot FX.
For cash or nothing, these options would be exercised if the forward prices to remain between both strikes (i.e. 73.264 > Fwd price > 73.842).