Bears crushed the support level
Australia has published Building Approvals and the US will release Personal Spending and Consumer Confidence. On the chart, the price is still descending, the support level at 0.692 could not pump price this time and the price line broke below the support level.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The support rests at 0.68770 with resistance at 0.69100 which both lines are below the weekly pivot point at 0.69570. The EMA of 10 is moving with bearish bias in the descendant channel and it is below the EMA of 200 and the EMA of 100. The RSI is moving in oversold area, the MACD line is on the signal line in the neutral territory and the Stochastic is showing downward momentum. The ADX is showing sell signal. The price is below the Ichimoku Cloud and below the Chinkou Span. The Tenkan-sen and the Kijun-sen are both showing a downward trend.
Short positions are recommended towards 0.68500.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.