Ever since the pattern has occurred at 1.2339 levels, the has managed to clear the major resistances.
The current prices remain well above DMAs despite the price dips for the day. The minor trend has been vigorously spiking lows of 1.2221 levels.
For now, the extension of rallies seems most likely upon DMA crossover, Upswings backed by both leading & lagging indicators.
Both leading oscillators ( & ) although buzz with overbought noises but converge to the uptrend sentiments. While indicates these upswing sentiments to prolong further.
On a broader perspective, the major non-directional trend lasts longer, now gains upside traction as it is attempting to spike above 7-EMA levels. These upswings are backed by both momentum as well as trend indicators.
on monthly time frame seems like if we have to consider the price behavior in the major non-directional trend, sometimes a technical indicator would give a different opinion or “fight” with the actual price action of the stock or index you are analyzing. This divergence is essentially very conducive for aggressive traders in order to foresee the upcoming swings in a faster way.
Well, the overall trend has been drifting non-directional way but gaining some traction on the upside.
On an intraday trading perspective, contemplating today’s overbought pressure one can initiate tunnel spread strategy using upper strike at 1.2793 (day highs) and lower strike at 1.2643 (next strong support). The strategy is likely to fetch leveraged yields as long as underlying spot FX keeps dipping but within lower strikes on or before the binary expiry duration.