Following the bearish engulfing pattern on the Monthly chart, we might see a minor bearish pressure before proceeding to the upside. Regardless of the recent range set up, the mark remains bullish.
A conservative arrangement would require waiting for the market to test the Support and buys the deep around 105.370. Alternative in case market never retraces then a Buy Stop Order can be triggered around 121.300 with stop loss around 112.800.
One thing is clear, North is the way to go
Buy Limit | Po: 105.370 | SL: 96.930 | TP1: 118.600 | TP2: 111.860
Buy Stop | 121.300 | SL: 121.800 | 132.600
The recent higher highs have paved ways for bullish sentiments. However, this must be handled with caution. As the pair clawed back gains in recent months, we envisage exchange rate could continue to decline as we await a retest of the upward trendline around 1.51500 Zone.
Upon retest, we follow in the trend direction with SL slightly below the last Higher-Low valued at 1.43700
Buy Limit | Po: 1.51500 | SL: 1.43700 | TP1: 1.60000 | TP2: 1.68948
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