Day trade update and view
A strong advance Wednesday above .7199 resistance and the cycle high at .7227 to .7241, to build on this week's firm rebound from above above .7072/60 supports, fully undoing the negativity from the setback from late July, resuming bull forces from the strong July rally, to keep the risk higher into Thursday.
Day trade setup
- We see an upside bias for .7241/48; a break here aims for .7295 and .7333.
- But below .7150 opens risk down to .7102 and possibly .7072/60 .
The early April push surge above .6214 set an intermediate-term bull trend.
- Upside threat: We see an intermediate-term bull trend for .7295 .7393 and .7500
- What changes this? Below .6959 switches the bull trend straight to an intermediate-term bear trend.