Abstract：A Majority of market participants are net long on this pair and have sustained the bullish trend move since the start of the half year trading session during the year but seems a short term sell-off may portend.
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A Majority of market participants are net long on this pair and have sustained the bullish trend move since the start of the half year trading session during the year but seems a short term sell-off may portend.
Looking at the minor ascending channel which is drawn inside the major ascending channel, we view that price structure was pretty holding up between the minor channel and currently looking at the chart, we see a potential bearishness happening as a breach of price posting past the lower minor channel line.
Additionally, we anticipate market participants may be looking to test the fresh support block between 138.4 price handle level and 137.6 price handle level. Also, a retest of the moving averages as the 50 MA tries to cross up the 200 MA band.
Of course, ones discretion and risk management is advised.
[About The Author]
Jasper Njuguna is a self-taught discretionary financial markets trader. With cumulative 5 years experience trading the markets and out of which, one and a half years of that as a prop trader, trading large and mid-cap American equities at one of the DAY TRADE THE WORLD offices.
Prior to switching career interest to trading, I have 9 years of experience in senior management roles driving small to large business development and B2B relations in creating and implementing; learning & development solutions, programs, organizational strategies & frameworks, and blended learning approaches for companies and institutions in Africa
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