Bulls has managed to bring price to 164.00. Bears took over and has pushed it back down to 163.25.
Using fibonacci retracement tools, I have marked key levels for bulls to take out and to support. The sell off of the bears from 164 to 163.25 has a 61.8% retracement value of 163.74. This is a level where the bulls should take out in order to push higher.
So far, the 61.8% retracement of the bullish leg from 163 to 164 with a value of 163.42 is so far supported by the bulls. However, we can never tell when bears will move and if they do, this value is critical for the bulls to support.
We have Final GDP q/q from US at 830pm (GMT+8). By then, we will see both sides trying to take out each other.
Since this is not a compression to expansion setup, this trade is not easy to take.
For bearish traders, sell around 163.74, stop above that or sell at the break of 163.41 to the downside.
For bullish traders, buy around 163.41, stop below that or buy at the break of 163.74.
Trader H
TraderH is a foreign currencies trader and a former Certified Securities Representative in the Philippine equities market. All posts herein are personal views and are not endorsed by any organization whatsoever. It is important that you practice due diligence in your trade plans. This website and its authors will not be held responsible nor liable to any of the reader's losses.
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