Solid consolidation, upside bias
Day trade update and view
A Tuesday consolidation above our .7308 support at the new .7335 level, to leave a positive tone from Monday's prod higher to just stall below the .7413 cycle high at .7405, and whilst above .7308 to leave upside forces intact from the previous rebound from here, plus from the earlier November surge from .6987 up to .7340, to keep risks higher for Wednesday.
Day trade setup
- We see an upside bias for .7382, .7405 and the cycle high at .7413; a break here maybe aims for .7456, maybe even up to .7488.
- But below .7308 (which we would look to try to hold) targets .7251, maybe even key .7218.
The early November push above the key .7244 resistance signalled an intermediate-term shift to bullish.
- Upside risks: We see an intermediate-term bull trend to aim for .7413 and .7677.
- What changes this? Below .7218 sees the intermediate-term bull trend switch to neutral and below .7046 to a bear trend.