Staging rebound from the 6.9710 fresh year low
Level | Imp | Comment | Level | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 7.0840 | * | 5 Aug low | S1 | 6.9710 | ** | 26 Sep YTD low | |
R3 | 7.0700 | * | 30 Aug low, congestion | S2 | 6.9650 | * | 2 May 2023 high | |
R2 | 7.0385 | * | 20 Sep low | S3 | 6.9550 | * | 50% 2023 rally | |
R1 | 7.0000 | * | figure | S4 | 6.9300 | * | congestion |
Asterisk denotes strength of level
05:50 GMT - Losses through the 7.0000 figure saw extension to reach fresh year low at 6.9710. Rebound from there see prices unwinding the deep oversold intraday and daily studies and regaining the 7.0000 level will see room for stronger gains to retrace losses from the September high to the 7.0385 resistance. Above the latter, if seen, will open up stronger gains to the 7.0700/7.0840, previous lows, now expected to cap. Correction seen giving way to renewed selling pressure and below the 6.9710 low will see room to the 6.9550, 50% Fibonacci retracement of the 2023 rally.