Prices are in an upswing but within the larger 3+ month triangle that is consolidating gains from 96.57-105.44. We expect that wave-(d) up will approach the mid 103’s but not before fighting through the key 102.86 pivot in the coming week. (daily) S/t, a 5-wave rally from 101.21 has been satisfied and a correction back to 102 is our favored outlook for early this week. Once prices can correct the latest impulse, another upswing can continue the trend towards the mid 103’s. RSI momentum divergences suggest weakness today with initial support at 102.37/11. (hourly) Conviction: Med Levels: Support – 102.37/11, 102, 101.30 Resistance – 102.65, 102.86, 103.43
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Nomura