Despite the rebound from 100.08 levels (Sep 27 low), the subsequent failure near 101.80 on Thursday and in the Asian session today followed by a retreat to 101.00 levels amid downward sloping 50-DMA suggests the spot is likely to breach 100.71 (50% of 2011 low – 2015 high) levels and head towards 100.00 levels.
On the higher side, only a daily close above 102.78 (Sep 21 high) would signal bearish invalidation.
On the higher side, only a daily close above 102.78 (Sep 21 high) would signal bearish invalidation.
