Bias: We have broken below the triangle low and this should lead to a test of 139.60
Losses were seen as anticipated yesterday and these broke below 141.53 to reach just 6 pips below the 140.67 support. We did see a pullback but this has generated a bearish triangle and thus I feel we may need to wait for lower levels to establish a buying opportunity. Here we have two options - the triangle target is back at 140.60 so we should be aware of the risk of reversal from here again. Below is support at 139.60 - look for a bullish reversal pattern here. Only an earlier direct break back above the triangle low around 142.0020 would lead to direct gains back to 143.42-64 and probably the 145.16 high again.
22nd April: Only back above 145.90 would suggest potential for a pullback to the entire decline from 151.52 and this would high light resistance areas around 147.70-148.20, 149.16 and 149.83. However, I do see this as a correction only.
Losses have been strong and have seen a new low following which a small triangle developed. This has broken to the downside and thus I am looking for losses to extend further to the minimum target at yesterday's low and we should also note the 140.14 support. While we should be a little careful here I suspect we'll see losses to around 139.60. Take care here as I feel there is a good argument for a correction higher. Only below extends to 138.82 at least. Next support is then found at 138.37 & 137.50.
23rd April: Losses from 145.16 have pushed to new lows and this should push a little further to 139.60. Take care here as there is a strong suggestion of a reversal higher from here. Only below maintains losses for 138.37 & 137.50.
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