The rally through 101.39/67 pivots that we posited has confirmed a wave-b low and now prices are rallying towards a target zone between 103.15 & 103.65. The first major hurdle to a move towards the mid 103’s is the key pivot level at 102.86. (240min) S/t, prices are rallying in what we have labeled as a wave-c impulse. Already there is very little overlap and this supports the larger wave count. For today, minor divergences are forming to indicate that wave-3 is complete and a range-bound wave-4 correction is set to unfold. We expect support to surface between 102.29/10 where the latest, triangle, consolidation formed. (hourly) Levels: Support – 102.34, 102.29, 102.10 Resistance – 102.50, 102.86, 103.15/65
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Nomura