Extending bounce from the 83.4400 low as prices unwind the oversold intraday and daily studies
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 83.8000 | * | 26 Aug low | S1 | 83.4200 | * | Nov 2023 year low | |
R3 | 83.7500 | ** | 20 Aug low | S2 | 83.4000 | * | congestion | |
R2 | 83.6650 | * | Jun high | S3 | 83.3600 | * | 28 Jun low | |
R1 | 83.6000 | * | congestion | S4 | 83.3485/25 | * | 61.8%, 19 Jun low |
Asterisk denotes strength of level
04:40 GMT - Extending bounce from the 83.4400 low as prices unwind the oversold intraday and daily studies. Gains are seen corrective of the steep drop from the 83.9850 high with resistance starting at the 83.6000 congestion. Lift over this will open up room for stronger bounce to retest the June high at 83.6650. Higher still, if seen, will see room to the strong resistance at the 83.7500, 20 August low, which is expected to cap. Correction is expected to give way to fresh selling pressure later with break of the 83.4400 low to see room to the support at the 83.4200/83.4000, the 2023 year high and congestion level.