It has been struggling momentum for the streaks of consecutive rallies of last 4 months.
On 4H charts, we don’t encourage longs despite current minor upswings. Instead, we are slightly bias due to following technical indications.
Upswings were rejected below stiff resistance at 1.1434 levels, current prices slid below 7SMAs, more slumps likely as momentum turns .
The strength and momentum in previous rallies are totally faded away, and the breach and sustenance below 7SMA levels would likely resume more rallies and target upto 1.1249 levels (i.e.21DMA). Otherwise, we bet upon mild upward targets towards 1.14 levels.
The FOMC meeting minutes today has been the center of attention for today, which provides in-depth insights into the economic and financial conditions that is likely to influence the vote on where to set interest rates.
indicates stern momentum on intraday terms and indecisiveness to the major trend but faded strength in previous upswings.
While same has been the case on curves, this leading oscillator has also been bias but slightly indecisiveness, and bias on monthly terms.
Overall, this month’s trading sessions so far have been bias, the price dips are resumed that ensures long lasting range bounded trend.
Since we foresee southward targets in Q2, adding shorts in contracts of near month expiries is advocated with a view to arresting risks. While adding longs in contracts of far-months contracts are also advised simultaneously as Q4 is likely to show bounce back and these upside risks can be mitigated through long legs of far month tenors.