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The pair has formed the double top pattern with top 1 at 162.815 and top 2 at 163.895.
Current prices have broken neckline at 154.227 levels, remained well below DMAs.
Today prices are attempting to bounce back, but even if rallies continue we don’t think the prevailing price bounces would sustain above DMAs or major resistance to reach even major resistance at 154.227 levels.
Because momentum indicators (RSI & Stochastic oscillators) on daily charts have been conducive to bearish rallies, bears may resume at any point in time.
While MACD has remained below zero level which is a bearish territory.
On monthly plotting, the downtrend has already shown more than 50% Fibonacci retracements and currently broken major supports at 156.092 (it was holding from last 4 to 4 and half months), so any minor spikes should not be deemed as reversals, instead use those rallies to deploy long term shorts.
Leading oscillators (RSI & stochastic) have been convincingly converging to the major downtrend.
Massive volumes build ups are in conformity to this declining trend.
To substantiate this major downtrend, MACD's bearish crossover, 21EMA crossover 7EMA and since the current prices on monthly charts have slid below EMAs that is still a sell signal.
Hence, we continue to maintain our bearish stances as the ongoing downtrend to prevail further.
Trade Tips:
Well, we could foresee bear swings may resume at any point in time although attempts of upswings towards 7DMA we could also see stiff resistance at the same levels.
Hence, at spot ref: 148.437 double touch options are useful for traders who believe the price of an underlying asset will undergo a large price movement, but who are unsure of the direction.
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.
A trader can use a double one-touch option with barriers at 145.629 and 149.782 to capitalize on this outlook.
