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The current prices jump above SMAs with bullish crossover after whipsaws (weekly plotting).
We had already urged for the upswings after testing supports at 126.362 levels, thereafter, you’ve seen the bullish effects so far.
For now, more rallies are likely but see stiff resistance at 138-139 levels. The current prices are well above DMAs and 7SMA is on the verge of crossing over 21SMA which is a bullish crossover.
Bulling momentum is intensified as we can make out from the leading oscillators converging upwards along with the spiking prices.
RSI (14) trending above 50 levels on weekly charts that signal the strength in buying interests, (upward convergence signal strength in rallies).
Stochastic oscillators have reached overbought territory but no traces of convincing %D crossover.
MACD has just shown a bullish crossover on the weekly graph that indicates the extension of upswings.
On the contrary, although it looks like a consolidation pattern from last one month or so, the bears in major trend sliding consistently below 7EMA (see monthly chart), it is again sensing the bearish pressure at the same juncture (i.e. 7EMA).
Well, we are not isolating this signal, both leading and lagging oscillators indicate bullish sentiments in the short run (see dailies) and selling pressures may resume in medium run (see monthly).
FxWirePro currency strength index indicates that the sterling is bearish and the yen is slightly bullish, this tool could be utilized for an intraday trading as this index measures the hourly performance of the particular currency against pool other seven currency-peers.
Trade tips: As a result of above technical reasoning we see tunnel spreads which are binary versions of the debit put spreads. This strategy seems best suitable on speculative grounds for certain yields but with leveraging effects. So, use 139.46 levels as upper strikes and 137.88 levels as lower strikes to optimize the strategy.
