Leaning lower from test of the 7.1000 resistance to retest Friday's range low at 7.0500 level
Level | Imp | Comment | Level | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 7.1400/10 | * | congestion, 50% | S1 | 7.0500 | * | congestion | |
R3 | 7.1200 | * | congestion | S2 | 7.0385 | * | 20 Sep low | |
R2 | 7.1135 | * | 19 Sep high | S3 | 7.0000 | * | figure | |
R1 | 7.1000 | * | 38.2% Jul/Sep fall | S4 | 6.9710 | ** | 26 Sep YTD low |
Asterisk denotes strength of level
04:20 GMT - Leaning lower from test of the 7.1000 resistance to retest Friday's range low at 7.0500 level. Daily studies are unwinding overbought readings and suggest scope for break here to return focus to the downside and see deeper pullback to the 7.0385 support then the 7.0000 figure. Below the latter will return focus to the September YTD low at 6.9710. Break of the latter will see deeper pullback to retrace rally from the 6.7000, 2023 year low. Meanwhile, resistance at the 7.0840/7.1000 area now expected to cap.