Therefore, with candle action suggesting further buying could take place today, and both weekly and daily support (116.71/ 116.87) bolstering this market right now, where do we go from here? Well, much the same as yesterday’s analysis, our outlook for today is relatively simple. Either price breaks above 118.00 and retests it as support to enter long, or price continues to trade lower and we remain flat. In the event the former takes place, we’ll be looking to close the full position out around the weekly at 118.84.
Levels to watch/live orders:
• Buys: Watch for offers to be consumed around 118.00 and look to trade the retest thereafter (lower timeframe confirmation preferred).
• Sells: Flat (Stop loss: N/A).