10 Apr Wednesday Update

We didn't post anything yesterday because we thought there was not any remarkable insight about the price direction looking at the movement on Monday.

But later in the evening, early US Session, price further gained to 38235 level, breaking the middle trend line of the channel easily. Our view of reversal candle in daily chart mentioned in our weekly analysis, with an image posted, seemed to be supported by recent gains.

For today, price is trading right around 150 SMA in H4 chart and has some what acting as a resistance for now. If this level 38300/38375 is cleared off, we may see the price extended to 38700 level and further.

On downside, for now we should have 38000 then 37875 levels as support.

A perfect and preferred entry for Long would be if the price retraces back to 37900 level, tests it but doesn't break and bounces back off.

There are always a number of discussions those could be made for any of our view. You are welcome to participate in discussions asking and answering questions. We are here to share our knowledge and experience to get ourselves better.

Trade Safe :)