We saw a week with a lot of bearish breaks but overall slow movement on this pair. Reaching lows in the 110,900 region and highs in the 111,700 region (approximate). I still believe that this pair will respect the downward channel it has been in, clearly shown by the rejection of the descending trendline on the daily chart. There is a possible bullish movement on the cards as we can see by the shape of the MA's which could mean some upside to the weekly resistance. Keep an eye out for a break and close above that trend line.
Overall I feel that this pair will follow its descending channel and experience a good amount of downside with some recovery here and there. Those looking to short the pair should keep an eye out for the best entry times.
Overall I feel that this pair will follow its descending channel and experience a good amount of downside with some recovery here and there. Those looking to short the pair should keep an eye out for the best entry times.