7DMA - 1.8782
Spot ref: 1.8778
No trace of buying scenes, we continue to maintain our view from last week.
Bears resume after rejecting 21DMA, Short on rallies as the current prices drifting below 7DMA again (see ).
On , bears slide along sloping channel, Shorting opportunities are generated on rallies as the current prices drifts below 7DMA again.
Breaches below crucial supports at 1.9309 (38.2% fibo) and now at 1.8838 may expose towards 50% retracements, bears can load weights in short as selling momentum is confirmed by leading oscillators.
Convergence between price, volumes and leading indicators confirms bear trend continuation.
Breach of the sloping channel base line that was acted as a baseline from last 6 months or so (see for downswings sliding below channel).
has just shown crossover which signals a trend continuation.
21DMA crossing over 7DMA has been maintained and the current prices have slipped below 7 & 21DMAs but within lower BB range that signals long term downtrend prolong further.
reversal after the evidence gravestone and patterns at around 2.1553 and 2.1607 levels on monthly charts
on both daily and monthly converges the robust price dips (daily - below 36s & monthly - below 45), while no deviation from monthly , the lagging indicator also confirms the downtrend continuation.
With all above technical reasoning we can brave-heartedly advise long term bears can very well expect southward targets around 1.8372 levels.
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