We’re inching away from the big ton once again and some long term levels are catching up with the action
100 H4 ma at 98.49, 55 H4 ma at 98.31
Trend line from 4 April low through 2 May at 98.04
Order board bids at 98.50, 98.30
Still the illusive level awaits (ZZZzzzzz) but now we have firm selling at 99.50 keeping us in check as the exporters get their business done. They don’t seem to be to optimistic on the level breaking.
You will note the tech levels I listed above on the chart with the exception of the 200 H4ma at 97.25.
The long term tech picture is still a bit bleak with most of the ma’s playing catch up. There are two notable exceptions on the monthly and daily charts.
The 100 mma is at 98.13 and there’s a good chance of closing out the week above it.
On the daily chart the 55 dma is closest at 96.09 with the 100 dma at 93.12. Over April they’ve both managed to tack on rises of around 300 pips in the catch up.
Overall the market is still mainly ahead of the tech but they are catching up slowly and will further add to the bullish bias. Dips towards these levels will make favourable buying opportunities and the long waited break of 100 will see the pair fly. A buy stop to open above 100 is still a sensible tactic to employ.
