I was not around to monitor the price action of E$ last night as I was out with my recent Cambodia Mission trip's Gang of 12. We had a fabulous dinner which included the famous Singapore chilli crab!!! Yums!! For those who are interested, its Crab Party @ 100 Yio Chu Kang Road (opposite Serangoon Stadium).
No update on the stop orders yet but I last gathered that stops were building up just above 1.2310. Calendar for today and tomorrow is very light on data.
True enough, E$ consolidated within Tuesday's range and its clear that we are into the A-B-C-D-?.
I believe E wave should be formed today and we should see a potential breakout. I have been mentioning about being bearish on a weekly basis but I have to review and be reminded again in what I have observed and penned out in "Bears trampled by bullocks (17 Jul Tue)".
Intraday indicators are in o/b condition and upside should be limited for now until it has corrected lower first (Wave E and normally impulsive). Daily momentum is starting to turn up following the past few days' price action and this has increased the probability of a near term bottom formed at 1.2162 and the possibility of targeting 1.24/500 is getting higher.
There are still mixed signals but I see a skew towards the upside and would prefer to buy dips for today. 1.2230/50 to hold (1.2180/200 news induced) and 1.2380/400 to cap (1.2440/50 next strong resistance).
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| E$ Daily chart |
All the best!!
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