Key Technical Levels
has been range bound between 0.6800-0.7100 as it continues to remain anchored to the 200-Day SMA. The significant technical level has become a battle ground for bulls and bears. Expectations that the central bank will be the next to raise rates, has helped limit downside risks with the prevailing growth concerns a cap on gains. The current short-term downward trending channel is an ideal scalping environment which provides target entry and exit levels.
has seen its Bollinger band width narrow to a paltry 180 pips which makes it the lowest of the most traded pairs. An ATR of 88 pips adds to its attractiveness as a scalping target, as the subdued daily volatility limit’s potential risks. However, the daily range accounts for 1.26% of the spot price which limits profit potential for the pair. Additionally, a one week implied volatility of 13.68 warns of increasing risks as the pair may be poised for a breakout.
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