Pressure remains on the upside as prices extend bounce from the .6372 Monday's low
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 0.6700 | * | 76.4% Sep/Apr fall | S1 | 0.6500 | * | congestion | |
R3 | 0.6650 | * | congestion | S2 | 0.6450 | * | congestion | |
R2 | 0.6600 | * | congestion | S3 | 0.6400 | * | congestion | |
R1 | 0.6552 | ** | 16 Jun YTD high, 61.8% | S4 | 0.6372 | ** | 23 Jun low |
Asterisk denotes strength of level
00:10 GMT - Pressure remains on the upside as prices extend bounce from the .6372 Monday's low. Daily studies continues to track higher from oversold areas with break above the .6500 level returning focus to the .6552 current year high. Break here will extend the April gains and see room for continuation to the .6600/.6650 congestion. Meanwhile, support is raised to .6500 level which should underpin and sustain bounce from the .6372 low. Below the .6500 level, if seen, will ease the upside pressure and open up room for pullback to the .6450 support.