Market About To Test New Low Before Rise

ที่อัปเดต:
Based on the retest of the 1912 area, it appears that the market is gearing up for a potential decline. It is possible that a pullback to around 1920 could be a significant move. If the price rebounds to 1912 and continues to consolidate near this support level, it could indicate that the market is likely to break the support and test new lows. However, as long as the price remains within the range of 1912-1938, there is still a chance for it to rise above the 1920 level. The consolidation phase could endure for a considerable period.

Considering that the majority of participants in yesterday's FOMC meeting supported maintaining or increasing interest rates, it is important to prioritize considering selling positions.

On the daily chart, a bearish candlestick is forming following the retest of the resistance area. If sellers are prepared with substantial trading volumes, the price may swiftly test the overall low in the medium term. In line with our analysis, our 4-hour chart observation is unfolding as expected. We witnessed a strong upward movement with a test of the upper channel, which was respected precisely and followed by a decisive rejection.

Currently, the price is retracing back towards the half-line of the channel, seeking support. If the channel's half-line holds as support, it is likely that we will see another upward push.

Our long-term projection remains bullish; however, we anticipate market swings due to a volatile week ahead. We will take advantage of these swings and utilize our predefined levels to buy during price dips.

TradeWithTheTrend3344
บันทึก
Current 1W trend following rating:
5 SMA -1.234%, 10 SMA -2.403 %, 20 SMA -2.119%, 50 SMA 3.708%, 100 SMA 3.933%, 200 SMA 6.84%

AND

5 EMA -1.011%, 10 EMA -1.664%, 20 EMA -1.23%, 50 EMA 1.298%, 100 EMA 3.694%, 200 EMA 9.04%

Trend strength 1W:
Short term Bearish
Medium-term Bullish but possibly weakening
Long term Bullish
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Overbought / Oversold Rating Breakdown 1D
Relative Strength Index (0=oversold and 100=overbought, below 30=oversold): 38.89 neutral
Stochastic (0=oversold and 100=overbought,below 30=oversold ): %K33.8, %D36.64 neutral
Williams %R ( -100=oversold and 0=overbought, below -80=oversold): -72.49 neutral

When currency pairs are considered overbought or oversold, there is a higher chance of them changing direction, although it is not guaranteed. It is also possible for a currency pair to stay in the overbought or oversold state for longer than anticipated. However, the more prolonged the period of overbought or oversold conditions, the greater the likelihood of a reversal in the trend.
บันทึก
Great way to finish this week off
Fundamental AnalysisTechnical IndicatorsTrend Analysis

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