Bears are still stronger than Bulls!
Services NZ PSI will be released in New Zealand but there is not much happening in the US due to Martin Luther King Jr. Day. In the chart we can see that a descending trend has currently formed and the price is declining. There is no trend reversal signal and the descending power is still in power.
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The support rests at 0.67020 with resistance at 0.67480 which both lines are below the weekly pivot point at 0.67740. 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 the oversold area, the MACD line is below the signal line in the negative territory and the Stochastic is moving in low ranges. The ADX is showing sell signal. The price is below the Ichimoku Cloud and the Chinkou Span. The Tenkan-sen and the Kijun-sen are both showing a downward trend.
Short positions are recommended towards 0.665.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.