Scenario 1: A brief spike up saw sellers hammer this one down again, a sign of where traders want this to go. Yesterday’s low sits at 1.2685 and we are attacking here as I write. The focus should be on levels below as its very weak. 1.2720/2657 currently trading and there is a possible long-term trend support at 1.2535. If we head any lower, it’s the 2018 yearly lows at 1.2475/1.2430.
Scenario 2: Yesterday's rise over PM Mays latest announcement didn't quite reach the weekly pivot. 1.2823 is the level to beat to take the pressure off the downside. The 25 April low and breakdown between 1.2852/.2865 another area to beat if we start to turnaround. 1.2960/.3008 now seem very far away.
Chart: Daily chart showing possible trend support zone, cable tanking here and may look to test yearly lows.
Scenario 1: 1.1177/.1184 seeing areas of support and resistance. Brief spike up pipped past 1.1184 by 3 pips and came tumbling back down. Market not far off testing 1.1144/34 and then the yearly low at 1.1111. Trend support/falling wedge lower band at 1.1045.
Scenario 2: Tried to push above 1.1177/.1184 but met with quick selling. Need to overcome here and weekly pivot at 1.1192 to take the pressure off. Last week’s pivot split the action in half, this comes in at 1.2118 which held the highs on 15/16 May. Highs held since 22 April at 1.1264.
Chart: Four-hour chart showing push down to 1.1144/34 which has held lows on a few occasions since 26 April. Yesterday’s push up only pushing through 1.1173/84 by a few pips. Trend resistance through 14, 16 and yesterday’s high.
Scenario 1: Flip-flopping the weekly pivot, yesterday was indecisive. 12,179 short term resistance which has held the last few daily highs. Looking to push above here and through a trend resistance and 61.8% at 12,200. Next resistance at 12,247 and then 12,324 which has held on a few occasions since 7 May. 12,445 is the yearly high which coincided with Sep 18 high.
Scenario 2: Small trend support from the 13 may low through the 15 and 20 lows. Looking for a sustained move below the weekly pivot at 12,111 and 12,000 to start attacking daily trend channel. This channel has been holding since boxing day and a break is around 11,947. This leaves support at 11,876/688 which has held since start of April.
Chart: Daily chart showing trend channel and next major support zone.
Scenario 1: Last week’s high and the 50% at 25,956/968 is the level the bulls want to overcome. There is a trend resistance through 10, 16, 17 and today's overnight highs. Looking to push through here and overcome the psychological 26,000. Above here then we have 26,100 which has held a few recent daily highs. 61.8% at 26,143 which is in a zone of price action up to 26,300.
Scenario 2: Break below 25,552 then we look for the trend support zone. This area coincides with the 8/25 March and 13 May lows at 25,345/25,215.
Chart: Daily chart showing 50% resistance and daily trend resistance. 61.8% looking like a possible target if we break 26,000.