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The attempts of this pair have consistently been restrained at the stiff resistance of 0.7761, Failure swings at resistance have evidenced declines below SMAs & currently tested supports at 0.7439 levels and any breaks below supports would drag the slumps upto 0.7305 levels on bearish SMA crossover (refer weekly chart).
On daily terms, the rallies constantly restrained below 0.75 mark, failure swings at this resistance have evidenced declines but supported at 7DMAs, the break below this support would drag slumps up to 0.7439 and even to 0.7305 mark.
The bears continue to plummet below 7-DMA after disappointing Q3 GDP flashes in Australia and now bearish streaks are lined on FOMC statement of forward guidance.
You should not isolate price action in an accurate technical study, well, that’s the reason we’ve taken volumes into consideration. As you could probably make out from the histograms showing rising volumes with dipping prices would imply that the trend going in bears favor.
Leading indicators (both RSI and stochastic curves) have been slightly indecisive, mildly bullish bias but certainly not convincing.
The 21SMA crosses over 7SMA which is bearish crossover on SMAs on weekly pattern, the break below support 0.7439 likely to bring in more slumps.
Trade tips:
Ahead of Fed’s funds rate hiking announcement that seems to be most likely followed by press conference, we could anticipate more speculation on this pair with higher volatilities. Hence, double touch binary options are recommended at this circumstance.
The double touch barriers are most useful for traders who believe the price of an underlying spot FX would undergo a large price movement, but who are unsure of the direction. So, an intraday trader of this pair can use a double touch option with barriers at 0.75 and 0.7475 to capitalize on this outlook.
Some traders view this type of exotic option as being like a straddle position since the trader stands to benefit on a calculated price movement up or down in both scenarios.
In this case, the trader stands to make an assured profit if the spot rate moves beyond either of these levels before expiry, and he/she stands to lose the premium if the rate remains within these barriers.
