The currency pair is trading in a downside parallel channel, there would be a question why not a flag as climax is seen and moving on the opposite side, but as we can notice that it has been in a parallel channel for nearly 10 months and touches are more than 5 so we can call this a flag.

Second observation would be the close is below the 32 day low which is indicating sellers are making pressure in the market.

Third would be the crossovers seen from the upside, the faster moving average crosses the slower moving average and the third moving average is showing a negative trend.

Fourth observation would be the commodity trading below the EMA's, good signal to sell as per MA studies.

The commodity is trading below the ICHIMOKU CLOUD as well.

Sell

Aug 14 2021

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