The pair is very overbought and now we got a negative stoch RSI suggesting we have a start of a corrective pattern. The lower end of the upward sloping channel is 14.2600 and the top above 18.6200.
The strategy is unchanged and we should see lower levels in the medium-term. I feel long-term 11.50 possible, based on the long-term overbought state. However, we understand it is a managed float and it may be a slow move, unless some unexpected news like we had last december.
The strategy is unchanged and we should see lower levels in the medium-term. I feel long-term 11.50 possible, based on the long-term overbought state. However, we understand it is a managed float and it may be a slow move, unless some unexpected news like we had last december.