20 March, 2017
Short covering rally continues. Local resistance at the January high of 1.0828 is the first challenge. Above their puts the focus on the bigger technical level of 1.0975 which is the 50% Fibonacci retracement from last year’s high. We also have the completion of an ABCD symmetry pattern at the level as well as bearish channel resistance in the area also. Will be monitoring price action around that level for short opportunities.
Price is rotating higher within the bearish channel that formed in the post- flash crash correction. Bearish channel resistance is the first upside hurdle with stronger structural resistance sitting just above at the 1.2797/1.2871 area. Support sits below market at the 1.1993 level which is the year to date low, with bearish channel support just below.
The post-FOMC selloff in USD see price remain within the 111.50s – 115.50s range that has framed price action for the majority of this year. For now, traders remain comfortable fading the range while a clear break will be needed to confirm a directional bias.
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