But it was never a ruthless dips and bears have allowed interim upswings for bulls but ensured within channel plotted on both daily and weekly graphs.
Most interestingly, both leading and lagging indicators have been signaling according to these swings within this channel (there is no deviation anywhere within this travel).
So for now, the spot FX remained well below 21DMA, but other indicators should be used in conjunction with this selling signal to determine an actual selling momentum. We believe the selling flows seem intact until a potential trigger could be near channel baseline.
To substantiate, the leading oscillators are still converging downwards with current falling price fluctuations; you can even figure this out from monthly chart as well. The current prices have shown their impact of this candle patterns on .
Long term investors, don't buck downtrend in long run: on monthly is currently trending near 58.4387, while %D crossover on slow still maintains around 55 levels that signify momentum is continuing in long run. While daily and weekly prices are well below moving average curve as stated earlier. Thus, we still carry our stance on this pair in long term.
On intraday basis, the speculators can eye on one touch binary puts for targets of 25-30 pips. But sooner time for short term bulls would be on the cards, don't jump into conclusions and wait for better entry levels that is likely to create when it reaches near lower channel, long term investors stay short via hedging instruments (we could come up with the hedging strategies shortly).