DFM Technical OverviewPosted on Monday, August 29 2016 at 4:43 am GMT+0000
Short term up bias resumption.
The strong downtrend structure remains dominant in the long term obliging traders to stay neutral for the period, monitoring for any change in the broad picture direction. The recent break below the 1.38 support pushed medium term traders to stay aside, waiting for the validation of a stronger support to confirm the resumption of bullish scenarios. At the mean time an immediate break above the 1.44 level is needed to confirm such situation. Short term traders will be provided by a market entry point immediately after the break of the intraday top at 1.35, with short term targets outlined at 1.39 and 1.45, keeping in mind that any break below the 1.30 would cancel bullish scenarios.