Bias: Mixed - waiting for breaks although the bullish structure has not yet broken down
There was no break above 135.20 which prompted a messy drift lower and there's still chance this may extend a little more to 134.00. If this is seen first we'll probably stay in a range below 134.93-18. Thus a more bullish stance will require a break above this resistance and only if seen would it retest the 135.61 high and while this may cause a brief pullback we should expect follow-through to 136.87 at least. Take care here as this is the favored target for a reversal lower. Also note the 137.25 and 138.00 resistance.
24th July: We haven't yet reached 135.85 but momentum still looks positive and while 134.42-84 supports I feel we can see 136.87 minimum and at most 137.25-138.00 before a pullback.
We are caught in a range at the moment and this may well continue between 134.00 and 135.00. Thus, if we are going to see an earlier reversal then we'll need a break below the 133.84-00 area. If seen then look for a stronger follow-through lower with minor support at 133.41 below which losses should extend to 132.32-73 and 132.05. Take care here as this could cause a pullback higher. However, note next support at 131.30 and 130.54-70.
27th July: I feel the downside risk is getting closer but we need wait for breaks as there is every chance that we could see 136.87 first. Only an earlier break below 133.84-00 would trigger stronger losses through to 132.05-32 and possibly further.
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