General overview: Bulls are steeping towards the upside direction by giving the bullish view. The pair is still in a range-bound position and trying to push itself towards the north side of the market. a kind of zig-zag pattern we can see in a market where no proper accuracy of calls we can give. Still, we can say that market is trying to recover the previous breakout levels and creating the lower high swings in the market. The monthly pair support level is 1.0642 and 1.0568. We can also see that market is forming the double top formation and after key support 1.0645 it will able to find its bullish view. We can expect more bullish momentum ahead in the market. The pair is above the major and minor EMA and SMA lines. The pair find its support from the SMA line and we can see a bullish view 1.0737 level in today’s market onwards.
Technical analysis: From the technical point of view we can say that market is on the buy-side and creating the buy-side in the market, today we will have the NFP data in the market so we can expect it to play a major role in every currency part. We can see a strong gain further onwards. The intraday traders also go for the buy-side in the market and create higher highs. The bullish marabuzo is formed we advised the traders to go for the buy-side in the market. The market is formed the upwards trend in the market and forming the higher highs swings in the market. On the 4 hourly chart market formed the rounding bottom and after breaking resistance level we can expected buy movement further onwards. The RSI is also supporting price pattern by giving buy view as well MACD also move above zero levels. The support level of the market is 1.0709-1.0659 and resistance will be 1.0780- 1.0813.
Trade idea: Our traders will sit towards the buy-side at level 1.0760 targets will be 1.0800 and 1.0840 and stop loss will be 1.0690
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.
