Daily Pivots: (S1) 145.42; (P) 145.91; (R1) 146.35; More
The breach of 146.42 minor resistance argues that pull back from 147.76 has completed at 144.01, after being supported by 55 day EMA. Intraday bias is now mildly on the upside for 147.76/148.42 key resistance zone. Break there will resume larger rebound from 122.36. ON the downside, break of 144.01 will extend the sideway pattern from 148.20 with another fall back to 135.58/65 support zone.
In the bigger picture, rise from medium term bottom at 122.36 is expected to continue to 38.2% retracement of 196.85 to 122.36 at 150.43. Decisive break there will carry long term bullish implications and pave the way to 61.8% retracement at 167.78. In case the sideway pattern from 148.42 extends, we’d be looking for strong support from 135.58 and 50% retracement of 122.36 to 148.42 at 135.39 to contain downside.
