Support from $1.3762 provided the springboard for Monday’s bounce, which having breached $1.3810-12, aims for a test to $1.3884-$1.3899. The latter seen as the 9 day falling resistance line from this month’s $1.3965 high. Only above the 76.4% Fibo level at $1.3915 however, will overall impetus swing higher. Support is initially around $1.3795, with $1.3762-$1.3752 again the area to break to renew downside interest.
RES 4: $1.3915 76.4% Fibo of $1.3965-$1.3752
RES 3: $1.3899 9 day falling resistance line
RES 2: $1.3884 Mar 18 low
RES 1: $1.3867 Mar 24 high
LPRICE: $1.3806
SUP 1: $1.3795 Hourly support
SUP 2: $1.3762 Mar 24 low
SUP 3: $1.3752 Mar 20 low
SUP 4: $1.3720 76.4% of $1.3644-$1.3965, 1% vol band
Monday’s rally to $1.6526 hardly constituted a definite break out of the $1.6520-$1.6465 consolidation area. So we still await some clear signs as to direction. We remain above $1.6478, the rising daily support line from Nov 12 and while above here and $1.6465-$1.6468, the upside has chances. Loss however, will signal $1.6425-$1.6405 next, with $1.6389 close behind. Above $1.6526 allows a higher correction of the drop from $1.6714
RES 4: $1.6586/9 Mar 14 low, 13 day falling res line
RES 3: $1.6573 Mar 12 low
RES 2: $1.6549 Mar 18 low
RES 1: $1.6526 Mar 24 high
LPRICE: $1.6493
SUP 1: $1.6465/8 Mar 21, Mar 24 lows
SUP 2: $1.6425 13 day channel base projection
SUP 3: $1.6405 1.618 proj’n target from $1.6784
SUP 4: $1.6389 76.4% Fibo of $1.6256-$1.6820
Rallies are still faltering below the key near term resistance at Y102.78, with two failures now at the slightly lower Y102.64 level. Now need to remain above Y101.94, if the threat of seeing even lower levels is to be nullified. Above and we have scope to regroup for another challenge higher. Loss would open the way for Y101.58-Y101.33, the latter the 2 month daily rising support line, which protects the important Y101.21-Y101.22 lows.
RES 4: Y103.28 2014 daily falling resistance line
RES 3: Y103.15 76.4% of Y103.74-Y101.22, 1% vol band
RES 2: Y102.78 61.8% Fibo of Y103.74-Y101.22
RES 1: Y102.64 Mar 19, Mar 24 highs
LPRICE: Y102.24
SUP 1: Y101.94 Mar 18 high
SUP 2: Y101.58 Hourly basing area Mar 17
SUP 3: Y101.33 2 month rising support line
SUP 4: Y101.21/2 Mar 3, Mar 14 lows
Monday’s bounce, albeit still within the recent consolidation band, has not yet harmed the potentially bullish “Doji” candlestick close which appeared on Friday’s daily chart. Today, we find support from Y140.95-Y140.75 protecting the downside and the important Y140.46 level. Require a move above Y141.95 however, before any upside impetus will appear and herald scope for Y142.26-Y142.51 next. Key resistance currently stands around Y142.91/99.
RES 4: Y142.51 61.8% Fibo of Y143.77-Y140.46
RES 3: Y142.26 Mar 12 low
RES 2: Y141.95 Mar 18 high
RES 1: Y141.65 Hourly resistance
LPRICE: Y141.18
SUP 1: Y140.95 Hourly support
SUP 2: Y140.75 Mar 24 low
SUP 3: Y140.46/8 Mar 14, Mar 21 lows
SUP 4: Y140.07 1% volatility band
The hold within the key near term support between Stg0.8352-Stg0.8345 on Monday, has been the catalyst for the latest rise. Still need to break above the important Stg0.8400-Stg0.8409 region however, before any further upside acceleration will emerge. In the interim, look to initial support from Stg0.8362-Stg0.8369 and on the day this protects against another fall into that afore mentioned Stg0.8352-Stg0.8345 support zone
RES 4: Stg0.8464/6 50% Stg0.8769-0.8159, Dec 17 high
RES 3: Stg0.8459 5th wave tgt in rise from Stg0.8192
RES 2: Stg0.8451 1% volatility band
RES 1: Stg0.8400/9 Mar 18 & Dec 25 highs
LPRICE: Stg0.8370
SUP 1: Stg0.8362/9 Hourly Support
SUP 2: Stg0.8352/4 Hourly congestion Mar 20, Mar 21
SUP 3: Stg0.8345 Mar 21 & Mar 24 lows
SUP 4: Stg0.8330/2 Mar 20 & Mar 13 lows
