Volumetric analysis on August 31
Yesterday's trading day associated with the flat movements. On the one hand, we can say that nothing happened, however, there were recorded volumes and this blur the volume picture. Nevertheless, the trendy upward structure has not disappeared, the fundamental background, although already forgotten, remains positive. We continue to count on an upward trend. The price range of 0.2980-1.2945 is our support and we expect rebound from this zone towards to 1.3015 price level with possibility to update the local maximum in the long-term perspective. The appearance of a price lower than 1.2945 became more probable than yesterday, and it will say that the uptrend has exhausted.
A mark of 1,2990 was broken through on yesterday's American session. For us, this is a sign of a change in priority and the alignment of forces. Let's pay attention that after this breakdown, the pair did not show a deep rollback downwards, showing its perseverance in the upward movement. Today, at the Asian session, we have already seen the manifestation of the buyer’s strength, therefore we perceive the price range 1,2995-1,2955 as support, and 1,3030 and 1,3080 as possible target for growth. And do not forget that Monday is a day off in the US and Canada, so it's better to stay without a position until the market closes.
Throughout the trading week, the pair, being in the global outset, moves from top to bottom. The goal of the decline at 0.7225 looks quite logical, and we can achieve it within the last trading day. At the same time, we allow corrective movements upwards in the resistance region of 0.7295-0.7315. This area looks big enough, with the maximum volume. Therefore, the presence of an open interest of the seller can be safely assumed, which means that the downward movement of prices should take place, and only a rise above 0.7315 will tell us that there is no trend.
Do you want to practice and test the analyst's assumptions? Open a demo account in ARUM Capital!
If you are confident in your abilities and consider the risks, you can open a real account for trading.
|Open a demo account||Open a real account|
Care. The provided market analysis materials are a professional opinion of an associate of ARUM CAPITAL. These materials are provided for infomation purposes only. In no way can the provided analysis be considered as an action signal, neither is it any sort of investment advice (for the purposes of EU Directive 2004/39/EC). ARUM CAPITAL waives any liability for the trading results which may arise after using these reviews. These materials contain NO warranties or guarantees, either direct or implicit, on the precise, complete or confirmed character of the details they contain.