The market definately had a shot at the 8375 Fibo level last night but fell short of the mark. Traders say market is long on the back of the hawkish comments by RBA’s Glenn Stevens yesterday. There is support between 8200-20 with stops below. A break of 82c will suggest a top is in place around 8340. We have been talking about the 8375 target for a while now. Was that it? A bit early to tell, but a break of 8200 should confirm a top.
On the day there is some selling interest here 8280, a mix of longs looking to exit and traders want to short. Downside support at 8200-20. Im a sellers of rallies.
