We have had the weekly close over R14.48 and now this is our new stop loss level based on a weekly close.
I would like the chart to consolidate over R14.48 for a week or two before looking to trade higher.
The 233 week EMA, will now provide good ST support.
Stick to the levels always, and remember that inter-week traded levels are noise and the weekly close is KING!
The Daily chart remains bullish, but I don’t like the current candle its making and I would take something off the table should we pop under R14.80.
For this chart to be a running correction, this chart needs to rally hard before end of day July 28th, 2021!
I can’t find a reason to be short this chart at all.
The 240 min is less sexy than the Weekly and Daily charts but has very decent support from R14.36 – R14.17.
Gun to the head, I think we see R14.26, and this IMO would be a great buying opportunity.
This chart needs a weekly close under $1.1753 for continued downside momentum.
I am still unsure if this is a correction to trade north of $1.24 in the coming months or if we hit the MT top?
As with the DXY below this is either the start of big things or another / last leg in the trend before the Mother of all moves.
Another chart that is close to moving either up very quickly or coming back to earth with a thud and with Wednesday’s FOMC both are possible.
The 96.60 level still looks to be on the cards, but as with the Euro, I am unsure if we push lower for the last leg down or if this chart blows higher.
My alternative road map in white (no change yet) has a very similar outcome in the bigger picture.
What a one day move we have seen and if we close here today then there is every chance that this chart comes back down to test the 10.30% level in the coming weeks.
I am keen to buy the chart into weakness, but I am just undecided if the move higher is from here or from another leg lower.
My bigger view is that we will see the chart rally & rally hard.
The 10.30% level REMAINS CRITICAL on a Weekly close!!!!!
#No Change in commentary.
These are the buying levels IMO.
I would look at buying a move back to 1.90% – 1.80% that will have upside targets from 2.58% – 2.71%.
Please note that only a weekly close of over 3.50% will confirm that the trend has been broken.
As for now the downtrend is still intact!