Post by
ERTguy on Dec 13, 2016 9:50am
1.30s the new support
Looks like the gap down from July is acting as the new support. Obvious resistence at 1.40 but I think we get there by weeks end. I expect the Fed meeting over the next couple of days to be a non event as the market has already priced in a rate hike. Cheers
Comment by
dinkdestroyer on Dec 13, 2016 10:06am
Good place to take profit if you are a trader. I expect a short term top will occur in this weeks range after which we should re-test the recent breakout of the key moving averages.
Comment by
ERTguy on Dec 13, 2016 10:21am
Exactly. I expect a dip to the 200 day moving average at some point but I think i will be brief. My line of thinking here considering the fundamental change to support a higher commodity price, logically if the price were to dip it should bounce off the 200 day at 1.25. Cheers