Edged off fresh low at 6.9710 as prices consolidate losses from the 7.0700 high of last week
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
04:50 GMT - Edged off fresh low at 6.9710 as prices consolidate losses from the 7.0700 high of last week and unwind the deep oversold intraday and daily studies. Resistance is lowered to the 7.0000 figure and regaining this will see room for stronger bounce to retrace losses from the July YTD high to the 7.0385 resistance. Gains above here, if seen, will open up stronger bounce to the 7.0700/7.0840, previous lows, which is expected to cap. Correction is expected to give way to renewed selling pressure. Below the 6.9710 low will see room to the 6.9550, 50% Fibonacci retracement of the 2023 rally.