Daily:
1. Overall predominantly bullish pressure,
However, no new structural formations have been
created towards the upside.
2. Repeated failure to break above the price
around 21.3092 suggests no added long
positions. Traders could be closing their
positions which are causing the current price
drop.
3. Price failure to break below 0.382
Retracement, as well as the absence of a
downwards break of structure, suggests a
lack of bears.
4. Moving averages show that there is a significant price drop, however, this could be a result of a lack of trading activity during the festive period.
Overall Neutral.
However, I have a bullish bias in the long term as New year begins since the UK generally has a stronger economy than South Africa.
1. Overall predominantly bullish pressure,
However, no new structural formations have been
created towards the upside.
2. Repeated failure to break above the price
around 21.3092 suggests no added long
positions. Traders could be closing their
positions which are causing the current price
drop.
3. Price failure to break below 0.382
Retracement, as well as the absence of a
downwards break of structure, suggests a
lack of bears.
4. Moving averages show that there is a significant price drop, however, this could be a result of a lack of trading activity during the festive period.
Overall Neutral.
However, I have a bullish bias in the long term as New year begins since the UK generally has a stronger economy than South Africa.