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[B]Bias:[/B] We're still seeing slippage but not the slowing momentum which could hamper losses

The hourly bullish divergence has deepened and the 4-hour has begun to form a bullish divergence. We should therefore always keep this in mind as price edges lower. Closest support is now at 0.9896 and any where below here, while the bullish divergences remain, should warn us to be prepared for a bullish trade set up. Note further key retracement levels at 0.9830-34, 0.9811 and 0.9776...

Only an earlier break above 0.9995-20 is going to break the sequence of lower highs and risk a deeper correction or direct reversal higher.

Please view the complete analysis in the attached PDF file.

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Attached Files

• The Brief Daily Forecaster.pdf (33.3 KB, 91 次查看)

[B]Bias:[/B] This must move below 1.5450 to extend losses else we could see this move back into range

Losses developed but with less ferocity compared to EURUSD. The low at 1.5450 was a bit lower than I would have preferred for a sideways consolidation but I could accept it as long as it remains intact. Thus, 1.5450 provides a clear break for the downside. Equally, if the downside is to develop then the 1.5535-38 area should provide resistance... Thus, 1.5540 provides the break for a move back higher within range... If this breaks then look for gains back through 1.5557 and into the 1.5591-12 area which should hold for a pullback lower.

A break of 1.5450 would lead to stronger losses through 1.5432 & 1.5412 ...

Attached Files

• The Brief Daily Forecaster.pdf (33.4 KB, 111 次查看)

[B]Bias:[/B] I feel the break higher is more bullish but this may be limited today

The break above 0.9382-96 highs extended the rally quite strongly. However, there is no hourly bearish divergence at present. Thus I feel that we should see a move higher today once the current consolidation is complete that should extend back above 0.9516 and into the 0.9542-67 area. However, I feel that may be it for now and thus look out for a bearish divergence and bearish trade set ups in that area. Only above 0.9575 would extend this to the 0.9607 area at least above where the 0.9645-64 corrective highs lie.

Once the 0.9542-67 area is achieved then we should see losses. Key initial supports will be at 0.9460 and 0.9434-42. ...

Attached Files

• The Brief Daily Forecaster.pdf (90.3 KB, 138 次查看)

[B]Bias: [/B] The bounce from 1.3249 was perfect but unless we get a new high soon the risk will be lower.

The decline to just 1 pip below the 1.3250 support was perfect for a bullish structure. However, the pullback from 1.3394 has been a bit too deep for my liking and does seem to indicate risk that the bullish structure may not be working as expected. This still leaves yesterday's 1.3249 low as the critical support and given the rather mixed picture it may even be better to wait for this break. On the way we should also watch the 1.3295-04 area that has a minor chance of holding... I am more in favor of losses though.

Any drop below 1.3249 would risk further losses developing. There appears to be minor support ...

Attached Files

• The Brief Daily Forecaster.pdf (33.5 KB, 110 次查看)