Trend : down
Tenkan-Sen level : 90.97
Kijun-Sen level : 91.53
Ichimoku cloud top : 93.12
Ichimoku cloud bottom : 92.82
New Strategy
Sell at 90.60, Target: 90.00, Stop: 91.00
Despite falling to 90.18 this morning, as the greenback has recovered, suggesting consolidation would take place and above the Tenkan-Sen (now at 90.97) would bring recovery towards 91.53-61 (current level of Kijun-Sen and previous support turned resistance) and bring resumption of decline. Below 90.00 psychological support would extend towards 89.44-50 (approx. 1.236 times projection of 95.07 to 91.94 measuring from 93.31) before prospect of a correction.
In view of this, we are looking to sell dollar on further recovery. Only above resistance at 91.94 (previous support) would risk stronger rebound to 92.11 (61.8% Fibonacci retracement of 93.31 to 90.18) but above there is needed to signal a temporary low is in place, then correction to 92.60 would follow
