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.
Last week the dynamic downward impulse broke the bottom of the wedge formation thereby overcoming the local support around 3.3754. We can observe the struggle of bulls and bears in the area of local consolidation. If only the market breaks upward then we could expect continuation of the upward adjustment in the region of the lower limit of the previous wedge coinciding with the level of 38.2% Fibonacci correction or further into the resistance zone around momentum 50% Fibonacci
Last week the market overcame the uptrend line which could indicate a potential change of market sentiment to bearish. In the near future we expect a correction of growth and re-testing the aforementioned lines around resistance zone coinciding with the momentum of 50% Fibonacci correction of the last bearish impulse
According to our latest projection, dynamic drops, which defeated the line of the previous upward trend were followed by upward correction, which reached to the expected resistance zone around the level of 38.2% Fibonacci correction of the earlier declines. The rejection of this level caused declines, which this week defeated local support and in the near future we expect a continuation of the downward trend even in the vicinity of the level of 13.4204.
To invest in exotic pairs you can take advantage of low spreads from the broker InterTrader , at the time of the creation of the analysis for each instrument amounted to only 4.4, 2.6, and 5.3 pips.