General overview: The pair is heading to south side with full of bearish momentum and on the daily chart we can see that pair is heading to down side with the shape of ‘W’. The way bears are reacting it seems like they are approaching the 0.6496 level at least. The pair trading below all the higher highs and standing at the down of this month. The pair is moving towards the south direction in the chart and creating the bearish signals in the market. The market making the higher lows as odds are in strong favors of the bears. The bears are showing their strong aggression and move towards the positive side in the market.
Technical analysis: From the technical point of view, we can say that market creates the negative side towards the high side in market. the Japanese currency creates it demand in the market, while the RSI is giving the sign of oversold in the market as well as MACD also creates the sign of the buying in the market. The bearish candlesticks is forming on continues basis and confirming further sell side in market. The swings are formed towards the negative side of the 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 sell side in market as positive swings are formed towards the buy side in market. The resistance level of the market is 0.6598 and 0.6674 and support will be 0.6408 and 0.6302.
Trade idea: Our investors should move towards the sell side at level 0.6510 target will be 0.6460, 0.6410 and stop loss will be 0.6570.
