DFM Technical OverviewPosted on Wednesday, August 16 2017 at 4:43 am GMT+0000
Testing previous bottom.
Having the current trend behavior we believe that long term scenarios will be on hold for the present time, and traders shall refrain from accumulating long positions. While the formation of a lower top on the daily timeframe outlined at 1.24 has placed the recent uptrend under threat. With the market actively testing the previous daily bottom at 1.14, a direct drop below that level will signal a daily reversal and initiate a further decline towards the May bottom of 1.03. With a probable daily reversal on the making traders of both the medium and short term are advised to remain outside of the market.