- May 5, 2021
- Posted by: cabana-admin
- Category: forex trading, Market Insights
General overview: The pair is heading to north side with full of bullish momentum and on the daily chart we can see that pair is heading to north side with the shape of ‘W’. The way bulls are reacting it seems like they are approaching the 153.50 level at least. The pair trading above all the higher highs and standing at the peak of this month. The pair is moving towards the north direction in the chart and creating the bullish signals in the market. The market making the higher highs as odds are in strong favors of the bulls. The bulls are showing their strong aggression and move towards the positive side in the market. The market creates the ascending channel patten and creates the bullish trend in the market. The pair is standing with the support of the ema lines and given us the overview of bullishness in the market.
Technical analysis: From the technical point of view, we can say that market creates the positive side towards the high side in market. the Japanese currency creates it demand in the market, while the RSI is giving the sign of overbought in the market as well as MACD also creates the sign of the buying in the market. The bullish candlesticks is forming on continues basis and confirming further buy side in market. The swings are formed towards the positive side in market. The major and minor EMA lines are also below the pair and giving more confirmation of bullishness. The intraday traders can also go for strong buy side in market as positive swings are formed towards the buy side in market. The resistance level of the market is 152.60 and 153.50 and support will be 151.00 and 150.20.
Trade idea: Our investors should move towards the buy side at level 151.80 target will be 152.74 -153.50 and stop loss will be 150.50.