and has traded the Monthly . A close above this
level, around 12140, will shift focus to the previous high and Monthly
R1 at 12270. A failure to break out here, may take Index back to
Monthly S1 and perhaps further down for a test of the
floor. Yesterdays close above the Weekly PP suggests further
gains and a test of the Weekly R1 at 12186, but this would mean
a break out of the , which could induce even further gains.
Scalpers could look for dollar weakness on lower timeframes
on some stronger currencies like EUR or JPY, to try to catch a bounce, since technically
it looks like a clean retest of a broken level, with further downside
to expect (after the failure of holding above the .)
Bulls could likewise look for weakness in some suitable
currency pair, and try to catch a break out of the .
AUD and CAD are of interest here though CAD stands right
at the Monthly R1 and has failed to break above it.