After staying below the 100 hour MA for most of the last 4 days of trading, the price was able to break above at the 79.02 and the pair has scooted higher This should now be support. The 200 hour MA at the 79.24 becomes the next upside target followed by the 61.8% of the two week range at 79.304. I would expect intraday sellers against the levels on the first test with stops on a break above. Look for more aggressive support buyers on dips toward the now broken 100 hour MA (blue line in the hourly chart above).
ON the daily chart, the price this week has been able to hold the 200 day MA (after closing below the key MA on Friday’s trade (at 78.75 today). The inability to pierce below this level thiss week, gives the pair an overall more bullish bias going into the Fed decision. If the price can stay above the now broken 100 hour MA (stay above 79.00), there is scope for further advances in the pair. The high for the month at 79.78, 80.14 (38.2% of the move down from the March high) and the 100 day MA at 80.35 are key targets above.
