Bias: I feel the 96.60-65 area should be reached today and spark a reversal back to 97.78
There is no real change from yesterday's analysis but today should see the 96.60-65 area reached and from here I'll be looking for a stronger rally. Resistance around 97.02 should hold while the downside is in progress. From the 96.60-65 support the first move should be back to 97.20. This should cause a correction but once broken should extend gains back to the 97.78 high around where there should be a pullback that should stall in the 97.10-30 range. The next rally should then push above 97.78 to reach the 98.88 area...
10th August: There appears to be room for gains to 98.88-93 but only a break there would imply a stronger bullish move to 99.51-74 - and if this breaks then back to the 101.43 high.
Yesterday's decline was painfully slow but it should complete today around 96.60-65. Only a break here would concern and while we should still be aware of support around 96.41 I feel that if we start seeing losses then we are more likely to reach 96.21 and then 95.80-88. A correction should develop from around here. Also note quite firm pivot support at 95.40-50 - then the swing low at 94.35.
10th August: Only below 96.41 and then 95.40 would open up potential for losses back to 94.35 and below there a move back to the 91.74 low.
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.