Scenario 1: Bounce from trend support seems to have perked cable. Currently testing 10-Jan highs and weekly pivot at 1.3096. Daily trend resistance now broken, overcoming 1.3035/3137 we can start pushing for 6/7/8-Jan highs between 1.3170/.3212. End of 2019 and start of 2020 high at 1.3284 is the next target, this area is also a 61.8% retracement from the post election high to 23-Dec low.
Scenario 2: Four-hour trend support holds the lows once again and we see a brief pullback. Trend line is in focus, if it breaks then its the 38.2% and the 23-Dec low between 1.2921/04. Any further then there are multiple daily lows between 1.2826/.2768 followed by the 50% fib at 1.2737.
Chart: Four-hour chart showing push up from trend support and break of trend resistance which has held highs since post election rally.
Scenario 1: Yesterday saw a push up to the 1.1165/99 which has attracted a lot of selling over the past year. Looking to build on this and get back into this zone and then push for the Dec highs at 1.1238. If we break here then it's the 23.6% fib at 1.1278. Above 1.1286/1311 then it's the six-month highs at 1.14.
Scenario 2: Below trend support at 1.1085 we have he 20-Dec low which is just above the 50% fib at 1.1059. 1.1000 is a daily support which has held since the 11 October. Below here then we could be looking at last years low at 1.0879.
Chart: Market trend sideways lately with odd blips higher, daily chart showing ascending triangle.
Scenario 1: Equities continue to hug the high after breaking out of the upside after a small downside trending move. Pushing on the 10-Jan high, the all-time high sits at 13,600.
Scenario 2: Support at 13,361 has held since 8-Jan, if this gives way then will put pressure on any further upside for now. Weekly pivots between 13,319/235 and then it's the major daily support between 12,987/884. Fib retracements will come into play if that major support gives way.
Chart: Daily chart showing long-term trend channel and current push for new all-time highs.
Scenario 1: New highs, blue skies. Hard to pick resistance when it's just a continuous drive up into the unknown. 30,000 the target? Psychological levels known to attract attention in this market.
Scenario 2: Since breaking through 29,125 this has not looked back, we may attract support here if it pulls back. Below here is the low from 8-Jan which has seen support between 28,783/737. There are a period of weekly pivots between 28,661/604.
Chart: Short-term chart showing the recent drives higher.