Price: 0.7961

Bias: I feel a test of 0.8010-23 is possible but expect losses from there - or directly below 0.7921

Daily Bullish:

It was a whippy day and therefore it suggests care needs to be taken. While 0.7921 remains intact there is still risk of seeing gains extend a little further to the 0.8010-23 area. If seen I feel this will cap for losses. Thus, any stronger bullish stance will require a break above 0.8023 and if seen would extend gains further towards 0.8048 which could see a temporary pullback and then towards 0.8067-90. Again, this should be the most we see. However, note further resistance at 0.8150-60.

MT Bullish:

18th June: I still don't think we're going to see much, if any gains beyond 0.8023 and at the most 0.8067-90. Only above here would concern and suggest a potentially deep correction to 0.8150-60 at least and possibly the 0.8236 corrective high.

Daily Bearish:

Overall I feel today will be bearish but we have to be mindful of the risk of an earlier retest higher. If the 0.8010-23 area is seen look for bearish reversal patterns - and at most 0.8067-90. From there, or an earlier break below 0.7921 we can push down to 0.7870-91. Take care here - while we are in a sideways consolidation this could hold. Thus any stronger bearish stance (and the risk is raised if price does reach 0.8010-23) a break below 0.7849-70 would signal stronger losses to the 0.7826 low and possibly even the 0.7782 area. Loss implies the MT downtrend is possibly resuming.

MT Bearish:

16th June: Losses are developing quite nicely and close to expectations and while 0.8050 caps these can still continue through this morning's low at 0.7861 and onto 0.7700-42 and below.

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 now available on the Daily Forecast page of my web site.

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