DSI Technical OverviewPosted on Wednesday, November 29 2017 at 5:48 am GMT+0000
Short term downtrend under threat.
Amid current trending characteristics traders should remain on the sidelines and wait to see a stronger technical picture before activating a reposition of medium term longs. However, the formation of a higher bottom on the hourly timeframe outlined at 1.72 is acting as a short term support and had placed the current short term downtrend under threat. With the previous intraday top at 1.86, an immediate break above the level will signal a short term reversal and initiate a further rally targeting 1.95 allowing for short term positions. While failure to convincingly break above 1.86 within the forthcoming couple of sessions can restart Bearish momentum for a retest of 1.72 below which the short term downtrend will be restored.