The ‘will she won’t she’ saga continues. Despite further remarks and interpretations of the G20 communique there was not enough ammo to push us through the big 100. The fact that we failed at 99.90 should leave no doubt that there is a lot of money on the offer. Now here’s the famous “But”. There seems to be a large amount of buying coming in which is keeping the pressure focused to the upside. The question is will it be enough to punch through the sellers or will it fail again like last time. If we do fail then we could see a large move to the downside. Tech wise there’s still not a great deal on the radar. Above 100 it’s open sky while below ma’s are taking their time to catch up and even fib levels are way off on the horizon. It’s a fascinating battle for sure.
On the H4 chart The closest tech we have is the 55 ma at 98.66 and short term trendline at 98.50. Lower we have the 38.2fib from the Apr lo/hi at 98.31.
Taking a very wide look on the monthly chart if we break 100 then there’s three previously large levels around 1.0125/45. There’s the Nov/Dec 1999 and Jan 2000 lows matched at Dec 2004/Jan2005 which also ties into the next closest high in Apr 2009. These levels could provide the next major resistance point on the march higher.
