Forex today in Asia was an eventless, quiet affair, as the sentiment was mainly driven by the risk-recovery in the Asian equities and US equity futures, as the fears over China economic slowdown and trade war ebbed. Amid risk reset, the US dollar stuck to its recent bearish bias and traded broadly subdued, aiding the bounce in the Antipodeans.
On the technical aspect, the pair has formed double top and is suppressed by the key resistance at 1.3400. Although its rebound from 1.3260 is sharp and strong, the top divergence is forming. That should confirm completion of rebound if it fails to break 1.3400. Failure will carry larger bearish implication, intraday bias is back on the downside for 50% retracement of 1.3260 to 1.3465 at 1.3365. Further decline should be seen to 1.3335. Upside, though, break of 1.3400 will turn focus back to 1.3440 and 1.3465 resistance instead.
The target is 1.3335.
Turning point: 1.3400.
Under 1.3400, bearish , target price is set at 1.3365, then 1.3335.
Above 1.3400, bullish , target price is 1.3440,then 1.3465.
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Prior Strategy:
On the technical aspect, the pair has formed double top and is suppressed by the key resistance at 1.3400. Although its rebound from 1.3260 is sharp and strong, the top divergence is forming. That should confirm completion of rebound if it fails to break 1.3400. Failure will carry larger bearish implication, intraday bias is back on the downside for 50% retracement of 1.3260 to 1.3465 at 1.3365. Further decline should be seen to 1.3335. Upside, though, break of 1.3400 will turn focus back to 1.3440 and 1.3465 resistance instead.
The target is 1.3335.
Turning point: 1.3400.
Under 1.3400, bearish , target price is set at 1.3365, then 1.3335.
Above 1.3400, bullish , target price is 1.3440,then 1.3465.
If you like the strategy, please click "AGREE" and follow me. Your trust is my biggest motivation.
Prior Strategy:
