Overview: By looking at the daily technical chart we can see that pair is making successively higher highs and higher lows and heading to the north side with full of bullish momentum. Well, the way bulls are reacting it seems like they are in the party mood and not ready to stop in the early phase. We watching a one-sided rally from 0.6360 to 0.6900 level without stopping anywhere and bulls have become skyrocket since 20th October 2020 and afterward, it did not look back.
The primary trend is up and the secondary trend is also up so in an uptrend market just buy, buy, and buy and convert every dip as a buying opportunity. Overall pair is trading and sustaining above all the major and minor EMA lines.
Technical Analysis: From the technical point of view, we can say that an uptrend line is lying on the chart and the bulls are getting demand pressure from that level. The odds are in favor of the bulls. The RSI is also above the 50 levels which are favoring the bulls and MACD also traveling above the zero levels as providing strength to the bulls. On the 4 hourly chart we can see bullish marabuzo in the market which is showing bullish sentiments in the market. The support of the market is 1.6820 followed by 1.6750 and resistance is 1.7000 followed by 1.7050.
Trade Idea: The traders are advised to go for buy 1.6880-70 and target will be 1.6950-1.7040 and stop loss will be 1.6750
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.
