Sell off, downside bias intact
Day trade update and view
A negative tone on Thursday pushing below .7424 support to just hold above the cycle low at .7406, at .7407, after this week's stall back from .7503 below .7445 support to .7424, and whilst below .7503 we see negative pressures intact from the earlier July sell off to .7406, and from the failure and aggressive sell off from below the .7617 swing peak, from .7599 and from the late June breakdown from .7617, keeping risks lower for Friday.
Day trade setup
- We see a downside bias for .7407/06/05; a break here maybe aims for .7375 and .7339.
- But above .7503 targets .7534, maybe towards .7599.
The plunge below key .7672 support signalled an intermediate-term shift to a bear trend.
- Upside risks: We see an intermediate-term bear trend to aim for .7000/6987.
- What changes this? Above .7617 shifts the intermediate-term bear trend straight to an intermediate-term bull trend.