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The pattern started when the pair bounced from 0.7915; currently it is trading at Bollinger's band/daily pivot (S1) at 0.8229/21; pattern's support is at 0.8196. Technical indicators point at appreciation of the pair at 1D and 1W horizons suggesting that pair will rebound from pattern's support and form a rectangle pattern. Long traders could focus on Fibonacci (23.6% of move since 5th of September) at 0.8251, daily pivot (PP)/20 bar SMA at 0.8279/86, daily pivot (R1) at 0.8312 and Bollinger's band/pattern's high at 0.8346/57.
The SWFX market sentiment is bearish as 71% of traders hold short positions on the pair expecting it's depreciation. In addition, in the range of 200 pips from current market price 68% of pending orders are to sell. Short traders could focus on pattern's support at 0.8196, pattern's low/daily pivot (S2)/Fibonacci (38.2%) at 0.8189/87, 200 bar SMA at 0.8158 and Fibonacci (50%)/daily pivot (S3) at 0.8135/31.
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