Last week I felt that price has reached the 1D resistance and needed a retrace (0.618%) before pushing higher. I now feel that 0.5% is the level that price will bounce from.
- We have 2 MA's about to cross since BREXIT (20/50)
- 13/09 1D candle has tested both MA(20/50) as new support since crossing (Will close as reversal candle).
- FIB 0.5% has been tested and found support
- forming in (Not ideal 61.8/1.618)
-The fear of BREXIT is growing thinner
- (Personal opinion/would like other views on this) The UK data may have be worse than forecast today (13/09) but overall the majority of numbers are as strong as the previous month and still higher than most figures within the last 6months - 2years
I will be taking a long position and hopefully hold it to the 143 level. A candle tomorrow (14/09) would strengthen this area as a potential swing point for move to resistance (143.00)
Bull candle close will create entry for C-D pattern move.
Potentially good UK retail sales again for the first half of September
UK Interest rate change, which left unchanged may create bullish momentum.
Im swaying towards a long order, but please use your own judgement. Negative data may cause price to break channel support and continue towards 130.00 daily support.