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The pattern began when the pair started depreciating from 0.9828. Pattern's support is at 0.9714; pattern's resistance is at 0.9737; currently pair is trading at daily pivot (PP)/ Fibonacci retracement (23.6% of move since 7th of September) at 0.9741. Technical indicators on aggregate point at appreciation of the pair on 30M horizon. The SWFX market sentiment is bullish as 74% of traders hold long positions on the pair expecting appreciation of the pair. Long traders should focus on Fibonacci (38.2%) at 0.9757, daily pivot (R1)/Fibonacci (50%) at 0.9768/71 and 200 bar SMA at 0.9778.
Technical indicators on aggregate send a strong sell signal on 4H time horizon suggesting that pairs recovery will be short lived. In addition, in the range of 100 pip from current market price 55% of all posted orders are sell orders. Short traders could set their targets at pattern's resistance at 0.9737, pattern's support at 0.9714 and daily pivot (S1) at 0.9708.
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