The general trend is descendant. The ascendant truncated wave structure has finished breaching the inclined channel. The currency pair is trading in the upper border of the descendant price channel. Awesome Oscillator indicates bearish divergence, and Stochastic Oscillator signals overbought conditions.
Trading idea:
Sell when level 0.6877 is breached.
Stop-loss …
Oil prices dropped today, extending the previous decline, as an expected interest hike rise in the U.S would weaken fuel demand. Brent crude is 0.7% down, and WTI crude slid 0.8%.
Key tickers:
Brent: 97.10 — strong sell.
WTI: 93.41 — strong sell.
NG: 8.230 — neutral.
Gold prices rebounded from the main support level 1680.00, tested yesterday, and then rebounded strongly to the resistance level 1717.30, bypassing several resistance levels. Therefore, the way is open to reach the target at the value of 1725.00 if the price manages to break the resistance 1717.30.
The bullish bias …
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