Overview:- By analyzing the daily technical chart we can see that bulls are doing their best and heading to north side. Overall pair is now trading in an uptrend and in an uptrend market always buy on dips will be a profitable strategy. Well the way bulls are reacting it seems like they are driving the car and going for a long drive. Traders and investors are advised to buy the pair for long term targets of 0.6850 is still on the cards. Recently we have seen a correction in the pair when bulls marked a high of 0.6715 level and arrived at 0.6590 level.
Technical Analysis: – From a technical perspective, we can see that on 4 hourly charts there is a strong support level of 200 SMA line which is providing us a bullish signal and hope the bulls. Well short term to the intermediate-term trend is up so in an uptrend market always buy on dips which are a profitable strategy. Odds are in favor of bulls. Also pair is trading in an uptrend. A daily closing above 0.6650 will open the way towards the 0.6750 and furthermore. After a rally some correction was already expected and we got the same correction or retracement which is a healthy sign for bulls.
What Next:- The 0.6750 level is an immediate key resistance level followed by 0.6860 level whereas 0.6500 level can be considered as key support level followed by 0.6450 level.
Trade idea:- Based on the chart and studies above we would suggest our traders and investors that go for buy at 0.6570-60 level for the target of 0.6700 and 0.6850 with stop loss below 0.6450 level.
Disclaimer: This is to be considered a marketing communication only, this does not contain, and should not be construed as containing, investment advice or an investment recommendation or investment research or, a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instruments. Past performance is not a guarantee of or prediction of future performance. Cabana Capitals does not take into account your personal investment objectives or financial situation. Cabana Capitals makes no representation and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or other information supplied by an employee of Cabana Capitals, a third party or otherwise. Consequently, any person acting on it does so entirely at their own risk. This material has not been prepared in accordance with legal requirements promoting the independence of investment research and it is not subject to any prohibition on dealing ahead of the dissemination of investment research. All expressions of opinion are subject to change without notice. Any opinions made may be personal to the author and may not reflect the opinions of Cabana Capitals. This communication must not be reproduced or further distributed without prior permission.
