Rebound failure, bear forces intact
Day trade update and view
A Monday rebound failure from just above our initial .7157 resistance, from .7160, to leave bear pressures from Friday's plunge through .7166 and .7145 supports, to just hold above the August, multi-month low at .7103, holding at .7109, plus from last week's rebound failure from below resistances at .7293/7305, and since the earlier November surrender of key .7451 support (for a Double Top pattern), leaving risks lower for Tuesday.
Day trade setup
- We see a downside bias for .7109/03 and .7046; a break here maybe aims towards .7000/6987.
- But above .7157/60 targets .7197 and maybe .7236.
The push below key .7451 signalled an intermediate-term shift to a bear trend.
- Downside risks: We see an intermediate-term bear trend to aim for .7103, .7000/6987 and .6776.
- What changes this? Above .7293/7305 shifts the intermediate-term bear trend straight to an intermediate-term bull trend.