To substantiate this view, daily leading oscillators began diverging to the previous rallies. Slow stochastics has shown a crossover above overbought territory, while (14) has taken U turn to signify the selling momentum.
On monthly charts, for long term investors in this pair undoubtedly we continue to foresee further travel from here onwards with some minor abrupt rallies.
When traced out formation at peaks, it has already dropped to 163.98 thereby, it has reached our previous 1st target at 165 and is close to 2ndtargets at 163.500 in the recent past, rest is history by now.
During this travel, with all leading as well lagging indicators to converge these price slumps on monthly chart we position our stance in sync with market sentiments.
Long term trend has been extremely conducive for bears as we listed out series of red flags that signifies serious weakness in this pair, most importantly, spiking volumes with dipping price.
Huge volumes conformity to the steep slumps has been booster for this , what else do we need more than this? rising volumes with consistent falling price would reveal what is cooking in this pair.
In between, short term bulls can also be favored with these short term rallies but keep mind that any point of time it may reverse its strength and resume business.
Well, we've been urging for shorts utilizing momentary upswings in this pair from last 4 months, it has responded pretty much as desired for the downward targets and still with more potential.
No harm for bears with medium term trade setups as lagging indicators are pretty much the same as leading indicators, and 21DMA has still been a sell both on weekly and monthly graphs. The prices have slid below 21DMA just a month ago on monthly chart that has created more room for ongoing .
Thereby, for now an we still maintain the targets at 170.309 and even retesting of 165.50 levels are pretty much on the table upon holding the above stated resistance levels.