Price broke out of the middle channel of the broad triple-channel formation. The down trend has weakened as bulls have taken control. I find it likely to see price reach the outer border of the upper channel. That's where we may expect some horizontal resistance, as in down trends supply usually waits around the prior swing highs. Price has been rallying for some time now, so I think we may see some correction down to 23.6%, 32.6% or even 38.2% - but it's probably not going to happen before holders of long positions start taking some of their profits.
We've seen such a clear show of strength before, on April 13. But this time market managed to make 174.6% of what it did back then and we can't tell, if it's already done rising.
The EUR has been the weakest currency and this strengthening doesn't change much its current strength status. The NZD has weakened significatly though and is no longer as strong as it was in prior days - I find it hardly strong, rather neutral.
We've seen such a clear show of strength before, on April 13. But this time market managed to make 174.6% of what it did back then and we can't tell, if it's already done rising.
The EUR has been the weakest currency and this strengthening doesn't change much its current strength status. The NZD has weakened significatly though and is no longer as strong as it was in prior days - I find it hardly strong, rather neutral.
