TechnoMeter

• "The US Dollar may be carving out a top after rising to the highest level since January 2011 against the Chinese Yuan in offshore trade. The appearance of a Shooting Star candlestick coupled with negative RSI divergence points to ebbing upside momentum and hints that prices may be laying the groundwork for a downswing."
• "A break below wedge support at 6.5369 confirmed on a daily closing basis sees the next major downside barrier at 6.4974, 38.2% Fibonacci retracement. Alternatively, a push above the 6.5737-5859 area marked by the December 18 high and the 23.6% Fib expansion, paves the way for a test of the 38.2% threshold at 6.6237."
• "A Shooting Star candlestick – even with support from negative RSI divergence – represents indecision rather than a firm directional signal. With that in mind, we will opt against taking a trade and wait for further confirmation reversal. In the meantime, we remain flat."

Daily price is located above SMA with period 100 (100-SMA) and above SMA with the period 200 (200-SMA) in the primary bullish market condition: the price is breaking key resistance level on the good bullish breakout.

• If the price will break 6.6097 resistance level so the bullish trend will be continuing.
• If price will break 6.5240 support so the local downtrend as the secondary correction will be started within the primary bullish condition.
• If not so the price will be ranging within the levels.

Resistance	Support
6.5923	6.5240
6.6097	6.4139

• Recommendation to go short: watch the price to break 6.5240 support level for possible sell trade
• Recommendation to go long: watch the price to break 6.6097 resistance level for possible buy trade
• Trading Summary: ranging

SUMMARY : breakout

TREND : bullish

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