Slobodan Drvenica
Windsor Brokers
Extension of strong bounce from correction low at 112.55 showed initial signs of stall, after daily Kijun-sen capped recovery at 115.60 (50% of 118.59/112.55 pullback) and daily candle with long upper shadow was left on Thursday. However, bullishly aligned near-term technicals favor further upside, as thickening daily Ichimoku cloud (cloud top is currently at 114.10) is continuing to underpin. Consolidation between daily cloud top and Kijun-sen line is expected to precede fresh attempts higher, with break above 115.57 pivot, to trigger fresh recovery towards 116.28 (Fibo 61.8%) and 116.85 (11 Jan lower top) in extension. Conversely, strong bearish signals could be expected on penetration into daily cloud that would trigger fresh weakness towards 113.71 (Fibo 61.8% of 112.55/115.60 recovery leg) and re-expose 112.55 handle on firm break lower.
Res: 115.11; 115.60; 116.28; 116.85
Sup: 114.40; 114.10; 113.71; 113.17
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The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
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