Bias: Mixed - waiting for breaks though I still see the larger risk as lower

Although we didn't see losses as expected the correction higher failed at the 1.2740-60 resistance. However, it is difficult to be certain of the short term structure and thus we need to work with breaks to open up the downside. We'll need a break of 1.2530-52 to imply additional losses. If seen the next support is at 1.2490. If this breaks then we'll probably see follow-through below the 1.2445 low and probably then below 1.2415 for 1.2343 at least. Next support is at the 1.2301 corrective low.

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Bias: We now need the 0.6543-60 area to support to sustain a direct rally above 0.6689

Yesterday's gains were pretty solid and moved through the 0.6600-14 resistance to reach the 0.6664-92 barrier. We have seen a pullback here and basically I prefer a bullish picture still but we really need the 0.6543-60 area to stall the current pullback. While this supports I feel the upside still has the edge and should trigger a reversal back above 0.6595-00 to push back to the 0.6650-89 area initially. We do have to be careful here in case we see a complex correction develop (triangle?) Above 0.6689 should see 0.6800-31.

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Bias: I feel a correction higher is possible today - maximum 1.4876-10

Losses were pretty deep on Friday but did not break below 1.4500-16 and this therefore allows the upside to be retained. We have seen gains recover to 1.4744 thus far and we need to be careful around the 1.2744-57 area. Only a break above here would extend gains through 1.4775 for the 1.4814-33 area. Take care as this is likely to cause a pullback. Further stronger resistance lies at 1.4876-1.4910 which I feel stands a good chance of capping. Next resistance lies at 1.4955 and 1.5002.

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Bias: While 1.2022 and maximum 1.2040-60 caps I look for losses below 1.1924 for 1.1825-29

Failure to move above 1.2198 and the break below 1.2060 took losses through 1.1993 to stall just above the 1.1916 support. While early trading may see small extension higher I doubt we'll see above 1.2022-40 (max 1.2060) and from here look for additional losses that should break below 1.1924 for 1.1825-29 at least. Take care there as a correction is possible. Only breach extends losses more aggressively to the 1.1731 support.

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