A pretty boring session yesterday if you had missed the early rally to 1.2443 as market consolidates gains from Friday. Hopefully, we get some stimulant from the RBA's rate decision at 12.30pm later.
Last I heard on the stop loss orders were only those residing at 1.2450.
Technically, shorter term intraday indicator has moved to neutral but the longer intraday is still in the o/b level, which suggest a correction lower is needed to unwind and it is also healthier to form a base before the next leg higher. Shorter term momentum has turned to neutral and consolidation but longer term ones are suggesting consolidation to up. To summarize, for today, I am expecting E$ to consolidate further and trade lower first but with a risk of a spike towards 1.2460/70. No change in the strategy from yesterday. If E$ rallies again (provided 1.2300/20 is not seen first), 1.2460/80 should provide good resistance on first test. For those who are more comfortable riding the trend, then look to buy dips. Breaking 1.2134 will invalidate short term bullish view.
For today, 1.2290/310 to hold (1.2250/30 stronger support) and 1.2460/80 initial resistance and stronger at 1.2540/50.
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| E$ 4hourly chart - Fibonacci levels |
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