The correction phase is about to end
PMI Manufacturing, PMI Services and Composite PMI were published in Australia and the US will release ISM Manufacturing and New Home Sales. On the chart, the price line has ascended largely and then started a correction phase. The phase looks to be finished and another ascending phase is expected.
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The support rests at 0.67950 with resistance at 0.70110 which the weekly pivot point at 0.68630 is located in between the lines. The EMA of 10 is moving with bullish bias in the descendant channel and it is above the EMA of 200 and the EMA of 100. The RSI is rising above level 50, the MACD line is above the signal line in the positive territory and the Stochastic is moving in high ranges. The ADX is showing buy signal. The price is above the Ichimoku Cloud and the Chinkou Span. The Tenkan-sen and the Kijun-sen are both showing a horizontal trend.
Long positions are recommended towards 0.69700.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.