Despite the fact that the bears managed to update previous week's low, on the daily timeframe they have so far managed to create preconditions for stopping the corrective decline. Support was made by the final levels of the daily Ichimoku cross (617.27 - 594.60). The day's cross (644.20 - 617.27 - 594.60) in the current situation remains the main and closest support zone, defending the interests of the players for an increase. Its breakdown and change of direction will allow the bears to return to the market and consider a decline to the support lines, which are now located at 547.83 - 529.78 (weekly short-term trend + weekly Senkou Span A + daily cloud). To continue the growth in the current situation, it will be important to overcome the resistance of the monthly Fibo Kijun (708.92) and settle above the high of the current correctional decline (713.33). The next upward reference point in this case will be the target for the breakdown of the daily cloud (763.36 - 805.67).
The advantage on lower time intervals belongs to the bullish players. Today they have gone beyond the daily range of the classic Pivot levels, so now the main task is to consolidate the achieved result and hold positions. Key supports for lower timeframes (636.54 weekly long-term trend + 627.81 central pivot level) are strengthened by the levels of the daily cross, as well as the cloud and the Ichimoku cross at H4, so the total support zone is in the region of 644.20 - 617.27 - 594 .60 is so important to maintain the advantage on the growth side.
In the technical analysis of the situation, the following are used:
higher timeframes - Ichimoku Kinko Hyo (9.26.52) + Fibo Kijun levels
H1 - Pivot Points (classic) + Moving Average 120 (weekly long-term trend)The material has been provided by InstaForex Company - www.instaforex.com