Technical Analysis: Tianjin ZX USD October 18, 2016 14
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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Jeremy Ng
Research Analyst
Phillip Securities Research Pte Ltd
Jeremy specialises in Technical Analysis and has 10 years of experience in studying price action. His areas of expertise include intermarket analysis on the equities, currencies, commodities and bonds market.
He is also a regular columnist on The Business Times - every Monday ChartPoint column.
He graduated with a Bachelor of Science in Banking and Finance from University of London.