Strong advance, risks higher to key .7478 swing peak
Day trade update and view
A strong rally on Thursday through .7385 and .7410 resistances up to .7427, to further build on this week's early, robust advance above .7347 and last week's solid push up above the firm resistance area at .7312/22 (for a basing pattern), keeping risks higher for Friday.
Day trade setup
- We see an upside bias for .7427 and .7437; a break here aims for key .7478, maybe .7503.
- But below .7368/66 opens risk down to .7320 and possibly .7288.
The push below key .7281 support signalled an intermediate-term shift to a bear trend.
- Downside risks: We see an intermediate-term bear trend to aim for .7103, .6987 and then .6777.
- What changes this? Above .7478 shifts the intermediate-term bear trend straight to an intermediate-term bull trend.