The pair has now established the 750 level as support and is currently
trying to breach the 830 S/R. On the daily chart, if price closes above it
chances are we will see a move and retest of the lower end of the Cloud
around 910 level and just above that the yet untraded Weekly pp at 930.
Bulls would like to see price return inside the Cloud to shift the trend to
neutral on daily timeframe.
On the hourly, we see how price has sought support by the upper Cloud and
has now breached the daily pivot point. Chances are we will see a move to
the R1 at 855 at previous high. Typically, in a reversal, price will have a
tendency to trade above the daily R1. If it fails there and falls back, there is
a lack of buying power at this point to accelerate the move up. Further consolidation
may however create the necessary build up of energy that will, in the end propell
price higher. Only a taking out of the 745 will shift focus to the downside on the
hourly chart. Support around 760 and the S1 should hold price action if more upside
is to come on the intraday.
trying to breach the 830 S/R. On the daily chart, if price closes above it
chances are we will see a move and retest of the lower end of the Cloud
around 910 level and just above that the yet untraded Weekly pp at 930.
Bulls would like to see price return inside the Cloud to shift the trend to
neutral on daily timeframe.
On the hourly, we see how price has sought support by the upper Cloud and
has now breached the daily pivot point. Chances are we will see a move to
the R1 at 855 at previous high. Typically, in a reversal, price will have a
tendency to trade above the daily R1. If it fails there and falls back, there is
a lack of buying power at this point to accelerate the move up. Further consolidation
may however create the necessary build up of energy that will, in the end propell
price higher. Only a taking out of the 745 will shift focus to the downside on the
hourly chart. Support around 760 and the S1 should hold price action if more upside
is to come on the intraday.
