Bulls are in power
There will be RBA Governor speech today in Australia and the US FOMC Member Lael Brainard Speaks. Meanwhile on the chart he price is decreasing through a channel. the descending trendline has not been broken yet and technically is still valid. the overall look of the chart is bearish.
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The support rests at 0.67650 with resistance at 0.67910 which both lines are below the weekly pivot point at 0.68010. 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 falling towards oversold area, the MACD line is on the signal line in the neutral territory and the Stochastic is showing upward momentum. The ADX is not showing any clear signal. The price is below the Ichimoku Cloud and the Chinkou Span. The Tenkan-sen is showing a horizontal trend while the Kijun-sen is showing a downward trend.
Short positions are recommended towards 0.6751.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.