Monthly: Posted a bearish Outside Month in March. This pattern often highlights the top of a trend and the start of a new downward bias. The Marabuzo level (mid-point from open and close) is located at 132.76. This month’s price action has seen sellers emerge above this level.
Weekly: A 261.8% extension level from the current trend (137.55-128.99) is located at 115.14. This is close to the April 2017 low trade at 114.85. A long-term target area.
Daily: Mixed and volatile price action for the last 38 (trading) days. This has resulted in the pair trading within a corrective channel formation. Th 50% pullback from the last selloff (137.48-128.95) is located at 133.22. We have also seen a rejection of the Ichimoku Cloud top.
Intraday (four-hours) – With the previous swing low seen at 132.04 and bespoke support at 132.15, we would not look to sell at current level. A correction from this support is likely to be limited and potentially form a bearish Head and Shoulders formation. We look to sell into rallies.
