So now I need to try and analyse this mess.
The topside and 1.5600 remains intact and so we must now look down to see what is there.
We came through the 55 and 100 H4ma’s without taking a breath which further enhances the fact that tech is irrelevant when a market really wants to move.
That said, when we get big moves there will always be a point where the market get’s stretched too far and usually a far out tech level will be that point.
We’re heading towards the lower channel line, which at today’s money is at 1.5343. Just below at 1.5338 is the 200 H4ma.
On from there is moderate support at 1.5324 and then we can see the 38.2 fib (white) from the Mar/Apr low/hi at 1.5309.
Perennial bear Mike will probably disagree but I can’t see 1.5300 getting taken out under normal market circumstances (crazy one’s like we’re in now maybe, but not normal ones). The fundamentals are pointing to a potential start of a recovery and until they say different then a test of 1.5300 (if not the channel) should hold.
