Oversold momentum studies are unwinding, and the negative Tension Indicator is flattening, highlighting the scope for a short-term run towards the -0.385 weekly high of 2 July.
A close above here, if seen, would turn sentiment cautiously Positive, and target the March trendline.
The weekly Tension Indicator is flat/negative, however, suggesting the current consolidation is a potential bearish continuation pattern.
A close below -0.511 will turn sentiment outright Negative, and extend June losses towards critical support at the -0.600 low of April-May, where positive monthly readings should prompt renewed consolidation.
In the coming weeks/months, expectations are for prices to regain higher levels and extend the bounce from the -0.897 low of March. A close above the -0.149 current year high will help to improve sentiment and confirm a significant low in place from March.
The next resistance will be the -0.043 Fibonacci retracement and the psychological 0.000 level.