Price advanced to the Weekly R2 pivot yesterday, hesitated and made a break higher.
Today price has come down for a retest and a test of the daily pivot point at 10750. If the
current 10800 level holds support we might see an attempt to reach the untraded Monthly
pivot point at 12200 which aligns harmonically with the upper ascending channel and
a larger descending channel. This will be quite a confluence resistance and challenge for
the pair to breach at a first attempt. Larger players will be looking to book some profits
here. It will also be the lower end of the Kumo Cloud on Daily timeframe. Any daily close
above the 12300 will be shifting the daily trend to neutral and will expose the 38,2 fib
of the retracement from all time high at 13300. On intraday we might see some sideways or a
test of the S1 at 10400 before the ultimate move to daily stronghold resistance. If the
12200 level and the Monthly pp will be tested, any pullback from there will be quite
natural, and if it is breached and left behind at a first attempt, that will be very bullish
going forward. Important to watch the closes.
Today price has come down for a retest and a test of the daily pivot point at 10750. If the
current 10800 level holds support we might see an attempt to reach the untraded Monthly
pivot point at 12200 which aligns harmonically with the upper ascending channel and
a larger descending channel. This will be quite a confluence resistance and challenge for
the pair to breach at a first attempt. Larger players will be looking to book some profits
here. It will also be the lower end of the Kumo Cloud on Daily timeframe. Any daily close
above the 12300 will be shifting the daily trend to neutral and will expose the 38,2 fib
of the retracement from all time high at 13300. On intraday we might see some sideways or a
test of the S1 at 10400 before the ultimate move to daily stronghold resistance. If the
12200 level and the Monthly pp will be tested, any pullback from there will be quite
natural, and if it is breached and left behind at a first attempt, that will be very bullish
going forward. Important to watch the closes.
