Most recent candlesticks pattern : N/A
Trend : Up
Tenkan-Sen level : 107.18
Kijun-Sen level : 107.20
Ichimoku cloud top : 107.14
Ichimoku cloud bottom : 106.98
Original strategy :
Buy at 106.65, Target: 107.65, Stop: 106.30
Position : -
Target : -
Stop : -
New strategy :
Buy at 106.50, Target: 107.50, Stop: 106.15
Position : -
Target : -
Stop : -
Although current firmness suggests recent upmove is still in progress and may extend further gain to 107.50-55, weakening of near term upward momentum should prevent sharp move beyond 107.70-75 and reckon 108.00-10 would hold from here, risk from there is seen for a retreat to take place later.
In view of this, would not chase this rise here and would be prudent to buy dollar on pullback as support at 106.65 should limit downside. Below previous resistance at 106.47 would suggest top is possibly formed and bring correction to 106.20, however, reckon support at 106.00-04 would contain weakness and the greenback shall head north again from there.
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