Monthly: We had an impulsive rally from the 2011 low (0.9407) to the 2016 high (of 1.4690). The correction lower found buyers close to the 50% pullback level of 1.2049. Mixed trading for the last 35 months looks to have formed a corrective channel. Trend line resistance is located at 1.3833. Trend line support at 1.1692
Weekly: Reacting lower from levels close to the 61.8% pullback of 1.3685 (from 1.4690 – 1.2061). Unless we see a very strong recovery rally today, we are likely to form a bearish Outside Week. Often an indication that a top is in place.
Daily: Looks to have finished the last rally with an overextend 5th wave (Elliott Wave). Intraday signals for sentiment are now at oversold extremes so we look for a mild rally to set shorts. Bespoke support is located at 1.3115
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