Plunge again, risks stay lower
Day trade update and view
A Thursday plunge lower to just hold above the key April swing low at .7528, at .7536, to reinforce Wednesday's sell off after the FOMC announcement, plus negative pressures from last week's failure from the new key .7776 resistance to plunge through supports at .7714 and .7692, keeping risks lower for Friday.
Day trade setup
- We see a downside bias for .7536 and key .7528, then .7510/00, maybe even key .7458.
- But above .7592 aims for .7646/49 and maybe .7705.
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 .7528/00, .7458 and .7000/6987.
- What changes this? Above .7773/76 shifts the intermediate-term bear trend straight to an intermediate-term bull trend.