Still a solid, but hesitant consolidation theme for the past week, back again from modest resistance at 130-11, but still closing above the 13-day EMA (now 129-08) and the trend line from latter December, now also at 129-08.
Whilst holding these support factors and having already pushed through the prior record high at 129-285 in January, we see further upside.
Short-term Outlook - Upside Risks:
- The threat for latter January is initially to a minor area at 130-14/16
- But we see the bias back to test the 130-30 peak.
- Above here aims for Fibo extension targets at 131-13 and 132-11.
What Changes This? Below 128-235 eases bull pressures; through 127-31 signals a neutral tone, only shifting negative below 127-015.
For Today: A digestion theme expected pre-FOMC.
- Narrow range parameters seen at 130-06 to 129-08.
- Broader parameters at 130.14/16 to 128-235.
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