The current declines are a regular counter trend dip, triggered after hitting the weekly resistance area around 3.85. This decline could continue for a couple of days after which base building should occur around the key support at 3.649. here the weekly cloud support and daily retracements and regressions fall together. Note that base building can easily take up to 3 weeks to fully pan out.
Expect a bit more weakness followed by a period of choppiness. The longer term remains bullish targeting 3.85 and 4.07 after that.
Primary trend: positive
Outlook: regular counter trend dip, positive
Strategy: hold-long and/or buy dips
Support: 3.649 / 3.592
Resistance: 3.85 / 4.07+
Outlook cancelled/neutralized below 3.592
CORNUSD
Expect a bit more weakness followed by a period of choppiness. The longer term remains bullish targeting 3.85 and 4.07 after that.
Primary trend: positive
Outlook: regular counter trend dip, positive
Strategy: hold-long and/or buy dips
Support: 3.649 / 3.592
Resistance: 3.85 / 4.07+
Outlook cancelled/neutralized below 3.592
CORNUSD
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.