The bounce from the January trendline has accelerated sharply higher, with fresh demand at USD2.2000 pushing prices above critical resistance at the USD2.3235 high of March.
Fibonacci resistance at the USD2.6805, (50%) retracement of the 2014-2016 fall has been reached, with potential for still further strength in the coming months towards congestion around USD2.8000 as background studies also improve and investors adopt an outright bullish stance. Beyond here is the USD2.8560, (61.8%) retracement.
Setbacks are expected to stabilise above USD2.3235, as investors maintain a buy-into-weakness strategy, but if broken, focus will turn back to USD2.2000 as sentiment turns cautious once again.