- April 29, 2021
- Posted by: admin
- Category: forex trading, Market Insights
GENERAL OVERVIEW: The pair looks bid and trade closer to 132.00 levels creates the strong buy side in the market. The Japanese yen remains offer on the higher US yield. The upbeat moods around the US motivate the buyers to keep their hold in the market and keep their pressure in the market. The bulls are advances for the third session in the row on Tuesday and l much positive in the field of buying pairs. The pair targeting the level 132.00 in the market. The pair is creating the long side buy trend in the market and creates the buying side in the market. The higher high formed in the market as the buyers are keep forcing the bulls to take the pair towards the strong bullish side in the market.
Technical analysis: From the technical point of view we can say that market leads towards the buy side in the market. The market makes the uptrend in the market. On the daily chart we can see that market crosses the level 131.50 level and soon ready to cover the 132.50 in the market. The long side buy trend formed in the market. on the 4 hourly chart also we can see that bullish side formed in the market after forming kind of rounding top pattern the market find its breakout level and sit towards the buy side in the market . The strong side EMA and SMA lines supporting the market for the further buying in the market. On the hourly chart we can see the golden crossover in the market and also confirmed buy side in the market. The RSI is also above the 50 level and create the buy side in the market as well as MACD also raise above zero level. The support level will be 131.00 followed 130.50 and resistance will be 132.00 followed by 132.50.
Trade idea: our buyers will buy at level 131.50 target will be 132.20 -132.50 and stop loss will be 130.80