Tianjin ZX USD – Daily timeframe (Update from 20 Sept 16)
Current Sentiment: Bearish
Support 1: 0.730 Resistance 1: 0.770
Support 2: 0.700 Resistance 2: 0.825
Price headed lower as expected as it rebounded off the 0.730 support area subsequently.
However, the correction was halted by the 20 and 60 day moving average once again proving the overwhelming weakness is still dominating price. Furthermore, the 17/10/16 Bearish Engulfing Bar managed to close price below the 20 day moving average and pullback line suggests the resumption of the downtrend next.
Expect price to head lower next to test the 0.730 support area followed by 0.700.
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