Tenkan-Sen level : 0.9447
Kijun-Sen level : 0.9426
Ichimoku cloud top : 0.9447
Ichimoku cloud bottom : 0.9399
Original strategy :
Bought at 0.9385, Target: 0.9490, Stop: 0.9410
Position: - Long at 0.9385
Target: - 0.9490
Stop:- -0.9410
New strategy :
Hold long entered at 0.9385, Target: 0.9490, Stop: 0.9420
Position: - Long at 0.9385
Target: - 0.9490
Stop:- 0.9420
Dollar's rebound after yesterday's resumption of decline to 0.9358 and the breach above Ichimoku cloud top add credence to our view that a temporary low is formed there and consolidation with mild upside bias remain for retracement of the decline from 0.9753 towards 0.9505-10 (38.2% Fibonacci retracement of 0.9753-0.9358), however, reckon upside would be limited to strong resistance at 0.9536 and price should falter below 0.9555 (50% Fibonacci retracement), bring another decline later.
In view of this, we are holding on to our long position entered at 0.9385. Below the Kijun-Sen (now at 0.9426) would risk weakness to 0.9380-85 but only break of said support at 0.9358 would abort and signal the decline from 0.9753 top has resumed and extend weakness towards 0.9320-25 (61.8% projection of 0.9753-0.9405 measuring from 0.9536), however, oversold condition should prevent sharp fall below previous support at 0.9313.
IMOH, Clement I.
+234 802 905 9344
+234 703 569 1707
No comments:
Post a Comment