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Either Side of 50-dma

  • RES 4: 0.9202 2.0% 10-dma envelope
  • RES 3: 0.9184 61.8% Fibonacci retracement of the Mar - Apr decline
  • RES 2: 0.9176 High Jun 29 and the bull trigger
  • RES 1: 0.9148 High Jul 27
  • PRICE: 0.9019 @ 10:42 BST Aug 14
  • SUP 1: 0.8982 Low Aug 3
  • SUP 2: 0.8938 Low Jul 10 and the key near-term support
  • SUP 3: 0.8926 100-dma
  • SUP 4: 0.8913 Low Jun 16

The cross bottomed out Wednesday, recovering back above the 50-dma at 0.9026. This further suggests that markets remain happy to buy dips at current levels. Rallies continue to stop short of 0.9059, however, which marks first resistance for now. Bulls will remain shaky until progress is made above 0.9148 (Jul 27 high). A break above here open 0.9176, Jun 29 high initially.

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