FXWIREPRO: Short Cable Below Supports at 1.4229 As Gains Seem Momentary, Major Bear Trend Intact Speculate Via Binaries
Although we are seeing upswings, we suspect the sustenance and could foresee the many technical obstacles for its sustainability.
Be cautious and stay away between 1.4280 - 1.4229:
"Further gains depends on break-out and sustenance above 1.4280, It hasn't been able to break out above the same levels of 1.4280 yesterday (1.4282 yesterdays' highs to be precise).
On the contrary, expect shorting opportunity only upon a decisive breach below 1.4229 levels."
Refer rectangular areas for back to back candles with big real bodies where at this juncture it is sensing a very stiff supports. At the same areas both RSI and MACD signalled a strong buy.
So, this has to be cautiously observed on a closing basis as it has reached a supply zone at 1.4280 and there would either be tight range where upper band is 1.4280 which is maintaining as a resistance point while 1.4229 on south as support.
On a broader perspectives, major downtrend is intact with clear bearish pressures.
downtrend has been drifting southwards in sloping channel.
Most notably, "what could we interpret price line when stochastic oscillator remains in & around oversold zone since August 2015", this answers the direction of the trend when you compare price and in conjunction with monthly price attributes.
Well, we often kept saying "being right or wrong doesn’t matter as long as your portfolio is able to make money as per George Soras."
You make money not always when you buy or sell or hold but when you remain sidelines, it is not necessarily need to trade everyday or every time, trade discipline is what makes you the successful trader. So, short term traders need to wait and watch out for breach of above stated pivot levels (1.4280 or 1.4229) on a closing basis.
However, aggressive speculators on intraday basis, can go with boundary binaries in a tight range with upper strike at 1.4280 and lower strike at 1.4229.
The material has been provided by InstaForex Company - www.instaforex.com