Original strategy :
Buy at 0.9235, Target: 0.9335, Stop: 0.9200
New strategy :
Buy at 0.9290, Target: 0.9390, Stop: 0.9255
As the greenback has risen again after brief retreat, suggesting the rise from last week's low of 0.9175 is still in progress and may bring a strong retracement of recent entire decline to 0.9355-60, then towards previous resistance at 0.9390, however, reckon resistance at 0.9408 would limit upside and price should falter well below 0.9460-65 (50% Fibonacci retracement of 0.9753-0.9175), bring another decline later.
In view of this, we are looking to buy dollar on dips but at a higher level. Only below intra-day support at 0.9256 would signal an intra-day top is formed, bring weakness to the lower Kumo (now at 0.9226), a drop below the Ichimoku cloud bottom would confirm, bring weakness towards 0.9200.
IMOH, Clement I.
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