Price:   82.37

Bias:     There appears to be risk of follow-through to 83.24-56 but may see a pullback to 81.05-26 first…

Daily Bullish:

Friday's rush higher caught me out completely and it seems as if we'll see additional gains. However, only directly above the 82.79 high will see immediate follow-through. Until then take care and if there is an earlier pullback then I feel the 81.05-26 will support. From here we should see gains back to the 82.48-80 area and later to the 83.24-56 target. Only a direct break above 82.48-80 would see more immediate follow through to target...

MT Bullish:

8th March:          The strength seen is suggesting either a cap at the 82.79 high again or possibly to 83.24-56. Cautiously I see this holding for a reversal lower while AUDUSD also finds a high at 0.9135-69.

Daily Bearish: 

I'm not 100% comfortable with this rally but while 82.48 caps I feel there is risk of a pullback. This will be confirmed on a break back below 82.05 and 81.81 which I feel would then encourage a move through the 81.45-55 pivot support and at most to 81.05-26. As long as AUDUSD and USDJPY are performing to expectation I'd look for this to hold. Thus only below 81.00 would risk a direct resumption of losses.

MT Bearish:

 8th March:       Friday's gains appear to suggest we're either seeing a flat correction with a high at 82.79-81 again or a move complex correction that could extend to 83.24-56 and from there see a recycling of the correction back to 78.19.

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For a full description of how to use the analysis please see the Analysis page of my website. The prior day's set ups for potential trading levels highlighted in the report are available on the Daily Forecast page of my web site in the Trader Package review. (+85 pips)