Someone or something with deep pockets is eyeing the .707 area, perhaps a barrier option slightly below at the .706 demand level?
Either way let's map out the possibilities...
If this gap closes down, I think it could spell trouble for buyers who bought heavily @ .707..how many more touches can this level take before capitulation?
Now the .706 level is not a significant level @ this point, its well within the ATR range of the yellow . Meaning if we do close the gap, the possibility this drops further increases.
If the current gap level holds and we see upside, the .714 area is the one to watch for resistance. Any move above that, and we may have an uptrend.
RBA rate decision on Monday is going to be the key driver for direction this week, so hold on!