We viewed the 101.20/88 range as a bearish consolidation because it followed the downtrend from 103.50; the outlook was proven wrong once prices rallied through 101.88 post Fed yesterday. The first chart below shows the significance of 102.86 and how it’s acted as support/resistance going back to January. Look for prices to struggle there again as the move higher to complete wave-(d) unfolds. (daily) S/t, the hourly chart is rallying in a wave-iii impulse but RSI is showing the first signs of bearish divergence so look for a minor new high in price today to lead to a minor (wave-iv) correction as RSI fails to confirm the latest price strength. Resistance for today 102.65/74/86 and expected to mark a short-term high. (hourly) Conviction: Med Levels: Support – 102.22, 101.94, 101.30 Resistance – 102.65, 102.74, 102.86
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Nomura