The pair extends recovery on Wednesday and probes above 110.00 barrier, below which last week’s action was capped.
Tuesday’s action was shaped in bullish daily candle with long tail (following strong downside rejection) which underpins for further advance.
Probe above 110.00 barrier was so far capped by falling 30SMA (110.16) but scope exists for further recovery as daily cloud twists next week and may attract for extended upside.
Close above former congestion tops at 109.83 is needed to signal further gains and expose next key barriers at 111.00 zone (04/16 Aug tops).
Corrective dips should hold above 10SMA (109.40) to keep fresh bulls in play.
Res: 110.16, 110.31, 110.94, 111.65
Sup: 109.53, 109.40, 108.85, 108.26
