Saw rebound from the .6415 low to reach the .6500 level as prices reverse losses from the .6570 high
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 0.6600/25 | ** | congestion, 24 Jul YTD high | S1 | 0.6450 | * | congestion | |
R3 | 0.6570 | ** | 14 Aug high | S2 | 0.6415/00 | ** | 21 Aug low, congestion | |
R2 | 0.6550 | * | congestion | S3 | 0.6372 | * | Jun low | |
R1 | 0.6500 | * | congestion | S4 | 0.6355 | ** | May low, 38.2% |
Asterisk denotes strength of level
00:15 GMT - Saw rebound from the .6415 low to reach the .6500 level as prices reverse losses from the .6570 high. Daily studies are unwinding oversold readings and suggest consolidation at the .6500 level giving way to break later. Higher will see room for retest of the .6550 congestion and equidistance channel resistance. Clearance will expose the .6570 high of last week to retest but more importantly open up scope for retest of .6625, July current year high. Meanwhile, support is raised to the .6450 congestion which is expected to underpin and sustain bounce from the .6415 low.