Extending bounce from the 83.2650 low of last week as prices consolidate pullback from the 83.5750 high
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 83.6500 | * | figure | S1 | 83.2740 | * | Sep high | |
R3 | 83.6000 | * | figure | S2 | 83.2000 | congestion | ||
R2 | 83.5750 | ** | 19 Apr all-time high | S3 | 83.1560 | * | 10 Apr low | |
R1 | 83.4550 | * | 4 Apr high | S4 | 83.0450 | * | 21 Mar low |
Asterisk denotes strength of level
05:50 GMT - Extending bounce from the 83.2650 low of last week as prices consolidate pullback from the 83.5750 high. This is expected to give way to fresh selling pressure later and break of the 83.2740 support and 83.2650 low will see deeper pullback to the 83.2000 congestion. Below this will further extend losses to the strong support at the 83.1560 low which is expected to underpin. Meanwhile, resistance remains at the 83.4200/83.4550, November and 4 April highs. This is now expected to cap and sustain losses from the 83.5750, 19 April YTD high.