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Last week, the market updated the low, but the sellers failed to continue the downward movement fully. This may have been because the previous week's low (141.63) was reinforced by the monthly support level (141.96). Consequently, the decline was halted, and the pair began showing upward correction. Thanks to this correction, the bulls reclaimed support from the daily short-term trend, which is currently located at 141.97, and continue pushing upward.
The nearest targets at the moment are the resistances of the daily Ichimoku cross (144.22 – 145.56), now reinforced by the weekly short-term trend (145.56) and the monthly medium-term trend (145.81). Overcoming these resistance levels will shift the market's focus towards new prospects.
If the corrective rise ends and the pair falls below the nearest support around 141.96 (the final level of the monthly Ichimoku cross + the daily Tenkan), it will pose new challenges for the sellers. The bears will need to restore the downtrend (139.90) and continue the decline toward the weekly targets for breaking through the cloud (133.23 – 136.10), reinforced by the upper boundary of the monthly cloud (133.88).
The buyers currently have the main advantage. The resistances of the classic pivot levels will be additional reference points for intraday growth development.
Upon completion of the rise, the nearest and most important reference points will be the supports of the key levels: 142.79 (the daily central Pivot level) and 142.04 (the weekly long-term trend). A breakthrough and reversal of the trend would transfer the main advantage to the sellers, thus supporting the further development of bearish sentiment. Reference points for the intraday decline are supports of the classic pivot levels. The actual Pivot values will be available at the market open and updated daily.
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*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
