- November 24, 2022
- Posted by: cabana-admin
- Category: Market Insights
Overview:- By looking at the daily chart we can see that bulls are rocking and seems in a party mood as we can see that in this month the whole credit goes to bulls and initially bulls breached the downtrend channel and then it marked a high of 0.6795 level where 06580 was a psychological level and bulls able to break this level. In our previous report also we mentioned to buy the pair around 0.6720 for the target of 0.6950 with the tight stop loss of 0.6580 level and our target has been achieved so we are expecting that our readers must have minted profit from this move .
Every swing is making successively lower highs and lower lows, but recently we have seen some correction after a strong buying from past couple of days. Bulls are in party mood and seems like they are approaching the 0.7120 level. The short term trend is up and in a bullish market just buy on dips as long as 0.6620 level remains intact we will keep our view bullish.
Technical prospective:-Well the recent correction is another opportunity to buy again. Overall pair is trading and sustaining above the moving average lines which is favoring the bulls. The bullish crossover on MACD indicator is flashing the bullish signal and RSI also arrived into positive territory.
What next:- A daily closing below 0.6790 level will open the way towards the 0.6915 and furthermore in coming trading sessions and convert every dip as buying opportunity. On contrary a strong momentum below 0.6590 level and closing below 0.6300 will change the outlook from bullish to bearish.. The pair could face the next support at 0.6590 ahead of 0.6400. On the upside, resistances align at 0.6795 and 0.6970.
Trade idea:- Based on chart and studies above we can suggest that buy the pair at CMP 0.6750 for the target of 0.6915 and 0.7000 with the tight stop loss of 0.6300.