With a slight technical failure on the charts overnight, a slight tempering of safe haven sentiment and residual bearish sentiment from a 7 month old down trend, the bear camp has to feel like they have an edge tostart the new trading week.
Technical Outlook: A positive indicator was given with the upside crossover of the 9 and 18 bar moving average. Positive momentum studies in the neutral zone will tend to reinforce higher price action. The market’sclose above the 9-day moving average suggests the short-term trend remains positive. It is a slightly negativeindicator that the close was under the swing pivot. The next upside objective is 106.63. The next area ofresistance is around 106.11 and 106.63, while 1st support hits today at 105.33 and below there at 105.07.