Bears are still in power
New Zealand has released Electronic Retail Card Spending and the US will publish Inflation Rate and Monthly Budget Statement. On the chart the price has formed an ascending channel. The channel is still valid. Although bulls trying to take over the market, the down trend seems to be continuing.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The support rests at 0.65580 with resistance at 0.66220 which both lines are below the weekly pivot point at 0.66460. 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 on 50 level, the MACD line is above the signal line in the positive territory and the Stochastic is showing downward momentum. The ADX is not showing any clear signals. The price is in the Ichimoku Cloud and above the Chinkou Span. The Tenkan-sen and the Kijun-sen are both showing a horizontal trend.
Short positons are recommended towards 0.65000.Short positions are recommended towards 1.26200.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.