What I’ve been seeing in the past couple of days is a strong setup for a short-term move to the upside. Currently, there has been 1 divergence in the peaks of the oscillators and a confirmation of the upward trend in the troughs. This I believe, suggests that the price action will continue moving into the upside for the next couple of days where a peak may form around the 0.43 or 0.55 USD areas; where after one of these points we can expect a retracement down.
Further supporting this movement is a soon approaching golden cross of the 50 and 200 EMA’s which is being supported by slowly growing trading volume over the past couple of months. I would expect this bullish move to last a couple of weeks with a number of smaller moves up and down as the whole wave builds itself but as a swing trader I don’t mind the little fluctuations; I might even add onto my position if momentum proves to be stronger than anticipated.
It is difficult to forecast further as we don’t have too much information but from what I have observed, there has been positive momentum in my positions in the past week.
Remember, this is only an opinion and I am more than welcome criticism and comments.
Thanks for reading, happy trading!
Note: I have a position in the 34 cent area, so my perspective may be a bit biased.
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