As the USD dropped to its lowest level since early June 2020, the price has moved over 150pips in our direction since my last publication on this pair (see link below for reference purposes). Its been a rough week for the Greenback as it breaks my Key level I @ 1.35000 to sit at the bottom of Bearish Trendline @ 1.33500 area as I anticipate a further Breakdown of this level as a confirmation.
Tendency: Downtrend ( Bearish )
Structure: Breakdown | Support & Resistance | Trendline
Observation: i. Breakdown and Retest into my Key suggest a further decline of the USD in the following week(s).
ii. Price action is back and consolidating at the region it was in early June 2020 with open possibilities for either a Bullish or Bearish option.
iii. It is also worth noting here that price closed @ 1.33500 (about 26pips below where it closed at in early June 2020 -Key level II) suggesting an increase in Selling power at this juncture in the market.
Trading plan: SELL confirmation with a minimum potential profit of 260 pips.
Risk/Reward: 1:3
Potential Duration: 4 to 15 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
NirvanaForex
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Tendency: Downtrend ( Bearish )
Structure: Breakdown | Support & Resistance | Trendline
Observation: i. Breakdown and Retest into my Key suggest a further decline of the USD in the following week(s).
ii. Price action is back and consolidating at the region it was in early June 2020 with open possibilities for either a Bullish or Bearish option.
iii. It is also worth noting here that price closed @ 1.33500 (about 26pips below where it closed at in early June 2020 -Key level II) suggesting an increase in Selling power at this juncture in the market.
Trading plan: SELL confirmation with a minimum potential profit of 260 pips.
Risk/Reward: 1:3
Potential Duration: 4 to 15 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
NirvanaForex
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Trade smart. Trade consciously
