So no breakout... instead a rejection, which means I'm switching bias! Who thinks the rally we saw in coffee last week will form the year low? Possible ins't it? I'm still overall bearish, but based on the reaction we saw from support at 113, I think we'll see a retracement before we get back down below the current year low.
Since we saw this reaction off the edge of the range, it makes sense to retrace higher a little further to the next resistance level (a higher consolidation). Well, at least in the short term that's what it looks like. my upside target on the fib is 124, and you can see the buy zone below 118.70. I bet you're wondering what happens if it burns lower through the buy zone? Then it's my second loss on this pair in as many weeks, and I'll go chill on the beach :D
What's your opinion, up, down, sideways? Share your charts, and comments below! Would love to hear what you think! :)
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