Midterm forecast:
While the price is above the support 1.4800, beginning of uptrend is expected.
We make sure when the resistance at 1.5360 breaks.
If the support at 1.4800 is broken, the short-term forecast -beginning of uptrend- will be invalid.
Technical analysis:
The descending flag taking shape suggests we will soon see another leg lower.
There is a divergence in RSI and price between the trough at 1.49165 on 2018-05-30 and the trough at 1.47985 on 2018-08-15, the probability of downtrend continuation is decreased and the probability of beginning of uptrend is increased.
The RSI bounced from the support #1 at 47 and it prevented price from more losses.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index (RSI) is 52.
While the price is above the support 1.4800, beginning of uptrend is expected.
We make sure when the resistance at 1.5360 breaks.
If the support at 1.4800 is broken, the short-term forecast -beginning of uptrend- will be invalid.
Technical analysis:
The descending flag taking shape suggests we will soon see another leg lower.
There is a divergence in RSI and price between the trough at 1.49165 on 2018-05-30 and the trough at 1.47985 on 2018-08-15, the probability of downtrend continuation is decreased and the probability of beginning of uptrend is increased.
The RSI bounced from the support #1 at 47 and it prevented price from more losses.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index (RSI) is 52.
algorithmic trader - I have quantified sentiment necessary for trading elliott waves
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
algorithmic trader - I have quantified sentiment necessary for trading elliott waves
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.