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The pattern started when the pair dipped to 0.8166 on 4th of October; currently it is trading at 20 bar SMA/Fibonacci retracement (23.6% of move from 28th of september high) at 0.8209. Long traders, who expect that pair might try to breach pattern's support, could focus on pattern's resistance/Bollinger band at 0.8225/33, daily pivot (R1)/9th of October high/Fibonacci retracement (38.2%) at 0.8237/39, 200 bar SMA at 0.8249 and Fibonacci retracement (50%)/pattern's high (5th of October)/daily pivot (R2) at 0.8262/67.
Technical indicators on aggregate point at depreciation of the pair on 1D horizon. The SWFX market sentiment is bearish as 69% of traders hold short positions on the pair expecting its depreciation. In addition, in 100 pip range from current market price 85% of all pending orders are to sell suggesting an existing strong resistance for the pair in higher levels. Short traders could focus on daily pivot (PP) at 0.8194, Bollinger band at 0.8183, pattern's start level/daily pivot (S1) at 0.8167/64 and pattern's support at 0.8135.
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