After the bears managed to push below 21DMA, the current prices have drifted consistently well below 7DMAs (see ).
Even though the leading indicators approached oversold territories both on daily and monthly terms, there are no traces of convincing crossover.
Selling momentum is still intact as we can make out from the leading oscillators converging downwards along with the dipping prices on the monthly graph.
(14) trending below 30 levels that signals the selling interests.
A convincing %D crossover on slow even below 20 levels which is oversold territory is one more substantiation for selling momentum.
On a broader perspective, it's been urged price declines ever since the pair formed "hanging man" patterns at peaks of uptrend monthly chart.
We cannot isolate this signal; since then both leading and lagging oscillators have been indicating pressures and consequently, we can see the effects in price curve, even at this current juncture we see no clarity for the price recoveries.
Instead, both leading and lagging indicators are indicative of major trend continuation, has just entered into the zone with crossover and there has been a 21EMA crossing over 7EMA which is again a signal, so the downtrend would likely continue in the long run.
On an intraday speculative basis, since implied is very high it is advisable to buy credit put spread ( CPS ) that comprises of writing an in the money put with shorter expiry and simultaneously initiating longs in OTM put with longer tenors, these positions could be entered in at net credits.
Either any abrupt upswings or even sideway swings would make short side worthless and wipe off the entire value of short puts, so that writer can safely pocket in the initial premiums received. Subsequently, the longs in OTM puts of long-term tenors would take care of major downtrend.