Price is advancing on the back of a Bullish MACD cross and is
closing in on the stronghold support & resistance confluence
level at 9200-9600, made up of Trendline/61.8 fib/Weekly pp/
and slightly above that at 9750 the Kijun line (white line).
Chances are we might see a bounce from here or hesitation,
but if broken with conviction and a strong candle, next resistance
stands at 10800 (Weekly R1) and 11300 (50 Fib).
Bulls would like to see price break above the 9200-600 level
on the back of a Cloud breakout on the H4 timeframe, i.e
a close above the Weekly pivot point at 9200. Intraday
support currently stands at 8400-500 (Res/daily pp)
Note the angle of the MACD crossing on the daily this time
as compared to the previous false crossing. This one do look
more promising.
closing in on the stronghold support & resistance confluence
level at 9200-9600, made up of Trendline/61.8 fib/Weekly pp/
and slightly above that at 9750 the Kijun line (white line).
Chances are we might see a bounce from here or hesitation,
but if broken with conviction and a strong candle, next resistance
stands at 10800 (Weekly R1) and 11300 (50 Fib).
Bulls would like to see price break above the 9200-600 level
on the back of a Cloud breakout on the H4 timeframe, i.e
a close above the Weekly pivot point at 9200. Intraday
support currently stands at 8400-500 (Res/daily pp)
Note the angle of the MACD crossing on the daily this time
as compared to the previous false crossing. This one do look
more promising.
