Overview: The pair shows bearish sentiments in the chart. As the chart shows more bearish signals in the chart. The pair creates bearishness in the market. The market finds the certain breakout at the level from the point it will start falling towards the low side of the market. As, from the past couple of days we can see that market makes continuation towards the bullish side till January month but after breaking the strong resistance point 1.3750 the market set towards the sell side in the market. The pair started making small steps towards the south direction and we can see bears are becoming aggressive the bears are showing their potential towards the selling side in the market. Presently, the bears leading and playing game at front foot. As, the odds are also in favour of the bears.
Technical analysis: From the technical prospective we can say pair is trading towards the south side as downward movement followed by an aggressive downtrend line. As we can say sellers can make their investment towards the sell side in the market. On 4 hourly charts we can say that market falling and creating the sell signals as the bearish candlestick is also forming in the market. The major 50 SMA breaches EMA line from the top. The pair is currently trading at the point 1.36007. As the RSI also falls below the 50 levels and MACD also create sell signals after falling below zero line. On the hourly chart also we can see market creates the strong sell signals as it making swings towards the downside in the market. Support level of the market is 1.3528 followed by another support level 1.3447 and resistance is 1.3678 followed by strong resistance level 1.3750.
Trade Idea : Traders can go for sell at level 1.3605 and target will be 1.3530 and 1.3470 with stop loss of 1.3676.
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.
