Support probed, risks stay lower
Day trade update and view
A Friday push back lower below .7258 support to .7232, rejecting Thursday's rebound, that was capped by .7322 our resistance at .7316, resuming negative forces from last week's earlier push down to .7216, after the mid-September sell off through key .7281 swing support (for an intermediate-term bear shift), keeping risks lower for Monday.
Day trade setup
- We see a downside bias for .7232 and .7216; a break here maybe aims for .7177.
- But above .7316/22 opens risk up to .7347 and possibly .7376.
The push below key .7281 support signalled an intermediate-term shift to a bear trend.
- Downside risks: We see an intermediate-term bear trend to aim for .7776 and then 7891.
- What changes this? Above .7478 shifts the intermediate-term bear trend straight to an intermediate-term bull trend.