Looking for a roll lower, whilst below .6974/77 barriers
Day trade update and view
A further, but minimal Thursday prod to the upside to build on Wednesday's move above .6922/23 resistances, but whilst still capped by .6974/77 barriers we see a negative bias from the latter June selloff through .6889 support.
We also hang onto negative pressures from the mid-June selloff through the up trend line from March and the earlier June plunge from a new cycle at .7064, to keep the risk lower into Friday.
Day trade setup
- We see a downside bias for .6874 and .6829; a break here opens risks towards 6807.
- But above .6974/77 aims towards .6994.
The early April push surge above .6214 set an intermediate-term bull trend.
- Upside threat: We see an intermediate-term bull trend for .7032, .7082, .7206 and .7393
- What changes this? Below .6773 switches the bull trend to neutral and below .6566 to an intermediate-term bear trend.