The exchange rate can build a fractal course. You just left the descending sequence (green rectangle). In case the fractal movement continues, we are now expecting a rising trend channel based on the sequence. The top of this trend channel is somewhere around 74 usd. In this case, the current levels may be suitable for taking a long position.
My analysis assumes that the price is in the range of 57-61 usd. After the sideways movement, I'm waiting for a north turn. The target price is 71 usd.
Shorts.
Daily rejected 62 fib level and previous high.
Price has shown in area 1 a break in structure. Using four hourly you can see a clear reversal sign. I am now looking at shorts as this is a change in direction.
Short pull back or short sell stop current low of 57.30.
This commodity is undecided on whether is in an overall uptrend or downtrend. However the sentiment just now appears to be bullish as the last 4hr candle (@10am) has shown retracement. I've entered a long trade with initial TakeProfit @ 55.86 then at 58.17 if the untend continues
The movement path has changed. Therefore, the formation of a double downward wave may begin. This means that the exchange rate is facing a nearly 10% decline. The target price is 46.43usd
I predict that price will continue raising till it reached round about 56.36 (blue line). This area could potentially be inviting for BEARS to re- enter the market and drive the price lower to or even beyond the Demand zone (shaded) . For now its a wait & see if price reaches 56.36 before entering trade ....fingers X'd.
The exchange rate moves in the wave sequence shown in the figure. The current motion path is a double decreasing wave structure. The target price is 54.16 usd.
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