Monthly: Holding within an Expanding Wedge formation than has a bias to eventual break to the upside. The Ichimoku Cloud stalled rallies on three occasions in 2017. Strong selling pressure in February has left a Marabuzo level at 85.36 (half the nett losses from 87.94 to 82.78)
Weekly: Holding within a bearish channel formation. We have seen a reaction higher from the 161.8% extension level of 80.67 (from 90.28-84.34). There is no clear indication that the rally has come to an end. Bespoke resistance is located at 84.65, close to the February Marabuzo. Bespoke support is at 77.35, close to the base of the trend channel (currently 77.52)
It should be noted that 85.00 area has been pivotal since the start of 2016.
Daily: An AB=CD corrective formation would take the cross to 84.67. Bespoke resistance is located at 84.67. We have a 50% pullback level at 84.80 (from the 89.09-80.51 move). Selling in this zone offers ample risk/reward.
