FxWirePro: GBP/AUD recurrent shooting stars yet to plummet prices, whipsaws hanging on DMAs, interim bulls seem exhausted at 7-EMAs – Use boundary binaries

On daily charts, back-to-back shooting star candle patterns are traced out at peaks of interim upswings and stiff resistance at 1.7043.

Bearish patterns have been popping up to signify the selling sentiments surrounded this pair. Shooting stars are appeared at 1.6978, 1.7036 and yesterday again at 1.6989, gravestone doji at 1.6872 levels. These bearish have mildly evidenced slumps but more slumps are on the cards.

From the last couple of days, the previous upswings have been struggling to break the stiff resistances of 1.7050 levels. Historically, you could find the demand and supply pressures at the same junctures. As a result, swings drift in whipsaws at this stiff resistance (Refer daily chart).

RSI at 57 levels indicates that the bullish strength has been absolutely shrunk away and now turned into the bearish strength, while stochastic curves have been little indecisive, but %D crossover right from 80s which is overbought territory signals selling momentum.

MACD has been indecisive to confirm this bearish sentiment but on the flipside, neither does it indicate bullish extension also.

The current prices are attempting slide below 7DMA but whipsaws pattern hanging on this level, any slide below this levels would be deemed as the opportunities for the bearish targets.

On monthly plotting, you could observe that the intermediary bulls struggle to break and sustain above stiff resistance of 1.7080 levels (i.e.7EMA).

Trade tips:

For intraday trading perspective, it is advisable to buy boundary binaries on dips upper strikes at 1.7010 and lower strikes at 1.6830.

This strategy is likely to fetch leveraged yields than spot FX as long as underlying spot remains between the two strikes.