Guys, INR/AED pair is poised to go higher till .0532 during January 2019, from there there are two possibilities described below -
A) It may reverse from that point considering its testing all time low support line (Black line) which now will act as a strong resistance line, and hence price will go low to the new lows around .470 mark.
B) If, the price pierces back this strong resistance and enters into historical ranges, it may go up till .550 during MAY-JUNE 2018 which can act as a strong resistance to upside, because there is a strong downward trend-line(Blue-trendline) coming into play and hence it may go lower to create new all time lows around.470 during DEC 2019.
Route A and Route B are moreover evident from Fibonacci retracement from DEC 2013 level and FEB 2013 highs as well. So Fib levels are also in direction of the Route A and Route B predictions.
Final Analysis : Go long on this pair now - Buy and hold till .0532 and look for selling opportunities from (.532 to.550) ZONE and sell it to the (0.432)ZONE
Good luck, Thanks.
MELVIN SABU
A) It may reverse from that point considering its testing all time low support line (Black line) which now will act as a strong resistance line, and hence price will go low to the new lows around .470 mark.
B) If, the price pierces back this strong resistance and enters into historical ranges, it may go up till .550 during MAY-JUNE 2018 which can act as a strong resistance to upside, because there is a strong downward trend-line(Blue-trendline) coming into play and hence it may go lower to create new all time lows around.470 during DEC 2019.
Route A and Route B are moreover evident from Fibonacci retracement from DEC 2013 level and FEB 2013 highs as well. So Fib levels are also in direction of the Route A and Route B predictions.
Final Analysis : Go long on this pair now - Buy and hold till .0532 and look for selling opportunities from (.532 to.550) ZONE and sell it to the (0.432)ZONE
Good luck, Thanks.
MELVIN SABU