Extending gains from the low of last week towards strong resistance at the 7.0700/7.0840, lows of August
Level | Imp | Comment | Level | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 7.1135 | * | 19 Sep high | S1 | 7.0385 | * | 20 Sep low | |
R3 | 7.1000 | ** | figure, congestion | S2 | 7.0000 | * | figure | |
R2 | 7.0840 | * | 5 Aug low | S3 | 6.9710 | ** | 26 Sep YTD low | |
R1 | 7.0700 | * | 30 Aug low, congestion | S4 | 6.9550 | * | 50% 2023 rally |
Asterisk denotes strength of level
06:20 GMT - Extending gains from the low of last week with break above the 7.0500 level opening up scope to the strong resistance at the 7.0700/7.0840, lows of August. Gains beyond this, if seen, will open up the 7.1000 figure, which is expected to cap. Gains are seen corrective of the September losses from the 7.1365 high and expected to give way to renewed selling pressure later. Meanwhile, support is raised to the 7.0385 and below here will open up pullback to the 7.0000 figure. Break here will return focus to the 6.9710 YTD low and see further retrace the strong 2023 rally from the 6.7000 low.