[B]MAIN ANALYSIS[/B]: rice drifted lower and to 4 points below the lower 0.9745 retracement support advised yesterday. From there we appear to have seen the foundation for the next part of the rally that should now break above 0.9791 and to the 0.9836 projection for a correction of around 30 points before extending higher to the 0.9870 area. This should cap for a modest correction lower before it can resume the next leg higher.
[B]COUNTER ANALYSIS[/B]: Only a break below 0.9720 would risk losses below 0.9695 but suggest a move to the 0.9632-73 area. This provides deeper support that I can't see being broken.
For more information regarding the support & resistance and medium term outlook please see the attached PDF file.
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