The commodity-linked pair is confined to a familiar range yesterday. The price was positioned in the middle points of 1.3400 and 1.3350 within the day.
The overnight recovery slowed down in the earlier trades as the spot attained the channel’s upper limit.
The morning session triggered renewed bearish tone. The greenbacks dropped sharply near the lower limit eliminating its gains throughout the night. Sellers unsuccessfully move downwards and hovered in the range.
In the 4-hour chart, the spot was sandwiched in the 100 and 50-EMA during the first part of the day. Meanwhile, the 50-EMA drove higher, 100-EMA shifted down and the 200-EMA preserved a bullish pattern.
Resistance is at 1.3400, support holds 1.3330 mark.
The MAcd indicator stayed on its previous level, favoring strength for the buyers. The RSI oscillator descended.
As mentioned in the same timeframe, technicals confirm a downwards continuation to 1.3330.