After completing a retest towards the potential reversal zone I outlined in my previous analysis, at the main falling trend line and horizontal resistance, the pair headed back lower resuming the overall bearish trend.
The price completed a another bearish double top pattern at that area as shown on chart, and broke below the neckline of the pattern at 0.7195. Given these technical developments, further downside has higher chances.
A potential target is at the minor rising channel shown on chart currently around 0.6975. 0.7295 should remain intact for this scenario to remain favored for me.
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Comments
peter.kralmail
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Nice job
ValeriuV
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good call, I for one will wait for the impulsive move down to finish, pullback to the 1.38 fib and then to catch the big move down.
I will look for your updates, as always.
Mian-Kashi
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Agree Technician
dhananjay.d.joshi
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I know the monthly chart is not often used to trade but looking at the picture i feel that it is in down trend now, we are out of up trend channel and moving down. Area 0.67600 needs to be watched carefully braking it, 0.60600 is very important level if we go below previous structural low then it will be the conformation of down trend. What do you think about this?
Coming back to daily charts. This setup can be used to short or long at given levels.
Piet.Hein
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Already short, with this recent dada from AUD there is room for a rate cut this year.