The low price today moved to the 200-hour moving average and the picture set midpoint of the move up from last week’s low at 148.507. Support buyers leaned against that level, and pushed the price higher. After trading above and below the 100-hour moving average for a few hours, traders based against the level, and pushed higher. That move to the upside stall just short of the high from earlier today near 149.50.
Going into next week, the 100-hour movie at 149.156 will be the close support and will be a barometer for buyers and sellers. Stay above is more bullish. Move below is more bearish.
A move to the downside would have traders looking toward the 38.2% retracement at 148.79, and then the 200-hour moving average at 148.606 (the moving higher).
On the top side, getting above the high price from yesterday and today at 149.50, would open up the door toward the high for the week at 149.70, followed by the natural resistance at 150.00 level.
If the 150.00 natural resistance target can be broken, I would expect further upside momentum.
Buyers are more in control with the price above the 100-hour moving average and after holding the 200-hour moving average. If the sellers are to take more control they need to get below both those moving averages and stay below..
This article was written by Greg Michalowski at www.forexlive.com.
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