Short-term we have been grinding slowly higher, and we are nearing channel resistance 17.88.
The medium-term and long-term situation is more interesting, and shows we have reasonable chance to see much lower levels. The pair is way overbought, and even controlled and all the news surrounding the condition of the market, does not change the tech picture we are in. Unless we abandon the system and make it a complete managed float.
For now, SELL current 17.50-18.00 and add higher when seen carefully. The profit objective medium-term is 13.75 and long-term 11.50 for now. I am scaling it upwards due to the higher levels seen.
The medium-term and long-term situation is more interesting, and shows we have reasonable chance to see much lower levels. The pair is way overbought, and even controlled and all the news surrounding the condition of the market, does not change the tech picture we are in. Unless we abandon the system and make it a complete managed float.
For now, SELL current 17.50-18.00 and add higher when seen carefully. The profit objective medium-term is 13.75 and long-term 11.50 for now. I am scaling it upwards due to the higher levels seen.