ExoticTrading is a series of analyzes, which is created in collaboration with the broker InterTrader and is published on Comparic every Monday, Wednesday and Friday. The theme as the name suggests are so called- exotic currency pairs.
For a long time we oscillate around important resistance 9.1360 coinciding with the level of 38.2% Fibonacci correction of the earlier declines. The rejection of this level could lead to further declines, at least in the area of the October lows.
Looking at the weekly chart we see that the rejection of the current level could cause declines. The result of which market would exceed uptrend line ongoing from nearly four years .
For two weeks we observe dynamic declines. Considering how important resistance in the past was the level of 9.5956, which is coinciding now with 38.2% Fibonacci correction, it is the re-test, which we can expect in the near future.
After lasting for a long time increases, we observe a forming double top formation around the level of 3.6032. The definitive rejection of that level could trigger declines even in the vicinity of major support 3.4424 seen on the chart (W1) and coinciding with the level of 70.7% Fibonacci correction.