- Price is stalling at confluence of 161.8 extension for the penultimate swing high and 61.8 retracement for the move from 1.428 to 1.2970
- Ascending triangle break on the downside has been retested and failed with an engulfing candle, indicating bearish momentum
- Price now looks likely to continue the breakout short towards the 127 extension of the recent range with potential for the recent range break resistance turned support to act as a longer term target around 1.3430
Sell above 1.37
1st Target 1.3508
2nd Target 1.3485
* * Chart Source: eBridge Trader
- Price has found resistance at the 161.8 extension of the recent range and the 261.8 extension of the previous swing.
- Spike high indicates unwillingness for price to move higher with the engulfing close below previous day low showing signs of downside momentum.
- Potential for UK home prices to show further contraction at 7pm AEST is high.
- Potential for US unemployment figures at 12.30am Saturday AEST to surprise on the positive side is also high.
1st Target 1.6055
2nd Target 1.5920
* Chart source: eBridge Trader
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