Friday, April 15, 2016 11:38:21 PM
A look at the past weeks action.
Overall the action was net bullish with the successful test seen on Tuesday, however, it is now important to see how the professionals respond to the apparent strength seen in the testing. If it was a true sign of strength the professionals will stepping in next week and buying the market and we will close above the upper trend line. If they dont step in and the upper resistance holds then the successful test is obviously discounted as the professionals must still be bearish, and prices will trend lower again.
The immediate resistance R1 is 1.76 - 1.78. Looking forward, the next level is 2.04 - 2.06 and following that 2.11 - 2.19.
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Overall the action was net bullish with the successful test seen on Tuesday, however, it is now important to see how the professionals respond to the apparent strength seen in the testing. If it was a true sign of strength the professionals will stepping in next week and buying the market and we will close above the upper trend line. If they dont step in and the upper resistance holds then the successful test is obviously discounted as the professionals must still be bearish, and prices will trend lower again.
The immediate resistance R1 is 1.76 - 1.78. Looking forward, the next level is 2.04 - 2.06 and following that 2.11 - 2.19.
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