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After strong support at 1.8660, bulls have managed to bounce back with sharp rallies with convincing volumes. As a result, the bullish engulfing pattern candle is traced out (refer 4H chart).
Current price, for now, has gone above SMAs to form the peak of 1.8962 levels that is where bears have been active and attempting to break below support at 1.8872 levels.
Please be noted that in the recent history, bull swings have collapsed to above-stated support as and when it approaches this level (1.8872).
We could foresee more rallies if it manages to hold on to this level for another trading session, otherwise, failure swings likely to bring back slumps towards SMAs.
Bullish sentiments are backed by lagging indicators, 7SMA has crossed over 21SMA which is bearish SMA crossover. While MACD also indicates ongoing upswings likely to prolong further.
On a broader perspective, the major trend has been extremely bearish but from last 6-7 months, it has been sensing consolidation phase. Well, ongoing bullish swings likely to restrain below stiff resistance at 21EMA, you could very well observe that historically it has held this level as the very strong support about 3 years (from 2012 to 2015, refer monthly charts).
Amid central banks’ monetary policy seasons in both the UK and New Zealand, FX markets are likely to sense huge turbulence, and with accordingly we advocate below speculative binary options strategy.
Well, contemplating above technical reasoning, we could foresee equal chances for both bears and bulls with 7DMA as strong support with bullish bias on the contrary.
Hence, double touch option is useful for traders who believe the price of an underlying asset would undergo a large price movement, but who are unsure of the direction.
A trader can use a double touch option with barriers at 1.8843 and 1.8903 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 from a calculated price movement up or down in both scenarios.
In this case, the trader stands to make a profit if the rate moves beyond either of these levels before expiry, and he/she stands to lose the premium if the rate remains within these barriers.
