Negative theme intact
Day trade update and view
A Monday rebound and setback below .7688 support to .7679, to leave negative forces from Friday's plunge lower from .7782, plus from the mid-January push down to .7655 through the up trend lines from mid-December and latter December, to keep risks lower for Tuesday.
Day trade setup
- We see a downside bias for .7679; a break here aims for 7655 and maybe .7639.
- But above .7782 opens risk up to .7805 and possibly .7820.
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 .7916, .8000 and .8136.
- What changes this? Below .7218 sees the intermediate-term bull trend switch to neutral and below .7046 to a bear trend.