Morning Report

Consolidation continued above 76.4% Fibonacci retracement of the entire upside rally from 75.50 to 79.50 while Stochastic is on its way to fix the negative sign appeared yesterday morning. In the interim, Vortex continues reflecting the strength of the negativity started at 78.30 zones. The contrarian between momentum and trend and momentum indicators is a rational reason that argues us to stay aside over intraday basis. A break of 76.50 will be a bearish indication.

The trading range for today is among key support at 75.80 and key resistance now at 77.90.

The general trend over short term basis is to the upside, targeting 87.45 as far as areas of 75.20 remain intact.

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RecommendationBased on the charts and explanations above our opinion is, staying aside as risk versus reward ratio is too high today.