Having rallied from a low of 1.3252 to a high of 1.3793,
UASCAD has thus seen steep corrective move to 1.3515 (50% Fibonacci retracement
level) also testing moving averages (34 and 20) while the 100 day moving
average still in the upside slope.
RSI 14 day period also witness correction from the
overbought level.
Expectation: We expect the end of the corrective move in the
currency pair but would rather look out for a daily close above 1.3590 before
recommending a buy. On the other hand, a continued move below 1.3513 on the
daily timeframe would see the pair continue its fall towards next support of
1.3458
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