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The pair has formed shooting star at 87.344 (refer last month’s candle on monthly plotting).
We’ve seen the back-to-back formation of the same pattern even in daily terms, ever since then you could easily observe the bearish effects of these patterns on the price curve.
These bearish patterns hamper uptrend momentum, but for today, bulls have countered to show the bounce back in prices after Dragon fly doji pattern which is bullish in nature.
While the major trend retraced more than 50% Fibonacci levels and seems edgy near 61.8% Fibonacci retracement levels, however, the consolidation phase seems to be intact.
The uptrend on daily term seems to be struggling for momentum as both RSI and stochastic curves are indicating indecisiveness amid the downward convergence.
The extension of consolidation phase only on breach and sustenance above 89.491 levels as bullish EMA crossover to substantiate the bullish stance.
A further uptrend in this consolidation likely to extend further bullish EMA crossover.
Trade Tips:
Well, contemplating above stated technical reasoning, on speculative grounds we advise bidding boundary binaries with upper strikes 88.181 and lower strikes at 87.947.
The trading between these strikes likely to derive certain yields in this puzzling trend and more importantly these yields are exponential from spot movements.
For cash or nothing, these options would be exercised if the forward prices to remain between both strikes (i.e. 88.181 > Fwd price > 87.947).
Currency Strength Index: FxWirePro's hourly AUD spot index is inching towards 151 levels (highly bullish), while hourly JPY spot index was at shy above 26 (mildly bullish) while articulating at 02:42 GMT. For more details on the index, please refer below weblink:
http://www.fxwirepro.com/currencyindex.
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