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[B]Bias:[/B] Care at 77.48-73 as I feel this could stall the immediate downside

The 79.27-42 resistance capped perfectly and has provoked a stronger push lower. There is support at 44.48-73 and watch this area closely for a bullish reversal pattern. If this develops trade the break as this would tend to support the triangle I have been following. A move back above 78.45 should then generate additional gains through to between 78.82 to 79.04. I feel that should be as high as we can expect. Only break there would maintain the bullish momentum for 79.42.

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[B]Bias: [/B] The downside seems more at risk and could reach 149.44-149.86

I feel the corrective high is in place at 152.95 though we should perhaps allow for 153.26. A break below the 152.00 lows would appear to confirm additional losses that should extend losses down through 151.45-50 and to yesterday's low at 151.08. This broad area should cause a temporary stalling of the decline for a correction. However, once complete I will look for losses to the 150.46-70 area at least (again take care) but I feel the
149.44-149.86 area is the most likely target.

Please view the complete analysis in the attached PDF file.

For a full description of how to use the analysis please see the Analysis ...

Attached Files

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[B]Bias:[/B] While 0.8291-20 caps there seems to still be downside risk for
0.8214 at least and I feel 0.8157-83

I had warned of the potential for losses and these developed well. There should be more to go with a cap expected in the 0.8291-0.8320 area. From here look for losses to reverse back to this morning's 0.8238 corrective low but be aware that if this declines as sharply as yesterday we could see quite a robust decline again. While I do still recognize the 0.8183-0.8214 support and we do still need to be careful there... there is an alternative stronger bearish target back at the 0.8157 low. Thus take care at the first support and only expect the lower target if this breaks.

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Attached Files

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[B]Bias: [/B] I look for losses to the 1.6230-57 area before turning higher

As I has expected, the main direction was lower even though the decline was not quite as anticipated. This should follow-through early today into the 1.6230-57 support. Here I would expect a reaction higher. Any surprise break below 1.6214-30 would open the risk of even deeper losses that would then extend below 1.6200 and 1.6156 to the 1.6101 area at least. Again, take care here as this represents another potential reversal point. Also note the deeper support at 1.6013.

Please view the complete analysis in the attached PDF file.

For a full description of how to use the analysis please see the Analysis page of my website. ...

Attached Files

• The Brief Daily Forecaster.pdf (23.1 KB, 103 次查看)