The Currency Pair is trading in a Rising Wedge. Majority of the Rising Wedges breakout at the top when they are formed at the bottom. The failure rate of this pattern is near 13% which is really good.

Candles are making HH and LH which is suggesting that the Buyer is getting more active at every correction.

The pair tried to break the upper resistance line but was not able to sustain the move. The seller came in action again and pulled the price down again.

There is a reason why I'm expecting the pair to move upside. The shortfall seen in the formation suggests that the breakout should be at TOP.

A bit of correction is a great opportunity to buy the pair for a good upside move.

RSI : The RSI has also seen a breakout from the pattern and as the pair has corrected the Rsi has also corrected. The Rsi is following the price action perfectly. If the prices start moving on either side we expect the RSI to also move.

MACD : Macd is trading just above 0 and a crossover on the upside is also seen.

If macd is trading above 0 while prices are moving upside with no crossover we can expect MACD to follow the move.

Awesome Oscillator : Awesome Oscillator is also suggesting a move upside.

Buy on Dip

Jul 22 2021

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