Rebound at the critical 152.00/151.95 support in May has seen gains to retest the 160.00/20 resistance and April multi-year high
Rebound at the critical 152.00/151.95 support in May has seen gains to retest the 160.00/20 resistance and April multi-year high. The latter is just below the 1990 year high at 160.35.
While test of this key resistance zone is expected to elicit some reaction, this is likely to be corrective at best. Overall bullish structure is expected to reassert after a corrective phase and further extend the underlying bull trend. Higher will see scope to 161.85, 0.50 Fibonacci extension of the December/April rally measured from May pullback low. Higher still will see room to 164.15, 0.618 Fibonacci extension.
Meanwhile, pullback should seen support starting at the 156.00/154.00 congestion area. Below this will expose the critical 152.00 support which must hold to sustain the bull trend from the 2016/2020 congestive support. Break will open up deeper correction to the 150.00 figure then the 146.50/145.00 congestion area.