- Spot keeps the rangebound theme unchanged on Thursday, although it has gathered extra pace in past hours following a sell off in the greenback.
- Yesterday’s up move left behind the base of the daily cloud and the initial hurdle at the 1.1720 area and is now refocused on the mid-1.1700s, where sit recent peaks and the short-term resistance line off June’s peak at 1.1853.
- On the downside, the initial resistance is now at the base of the cloud and is reinforced by the 21-day SMA at 1.1685.
- A break below this area should allow for an initial test of 1.1575 seconded by 1.1530 and the 1.1500 neighbourhood.
Daily high: 1.1744
Daily low: 1.1721
Support Levels
S1: 1.1682
S2: 1.1635
S3: 1.1606
Resistance Levels
R1: 1.1757
R2: 1.1786
R3: 1.1833
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