[EURUSD]
Our Preference:
- Short positions below 1.0827 with targets at 1.0803 and extension at 1.0789, which is the new support level.
Commentary/ Reason:
- The RSI is below its neutrality area at 50. The MACD is below its signal line and negative. The configuration is negative.
- The pair is trading under both its 200 and 50 Mas.
- Pair’s experiencing a double top. It is an extremely bearish technical reversal pattern that forms after an asset reaches a high price two consecutive times with a moderate decline between the two highs.
[USDCHF]
[USDCHF]
Our Preference:
- Long positions above 0.9724 with targets at 0.9738.
Commentary/ Reason:
- MACD crosses above its signal line.
- The pair is trading above both its 200 and 50 Mas.
- Double bottom pattern shows a change in trend and a momentum reversal from prior leading price action which is downward, hence into upward momentum.
- Though, RSI expecting overbought momentum. Hence alternatively, short below 0.9724 if situation reverses.
[GBPUSD]
[GBPUSD]
Our Preference:
- Short positions with target at 1.2168.
Commentary/ Reason:
- The RSI is below its neutrality area at 50. The MACD is below its signal line and negative. The configuration is negative.
- The pair is trading under both its 200 and 50 Mas.
- Price expected to continue downward pattern for some time.
