General overview for 23/08/2016:
Not much has changed since yesterday as the market is still trading in low volatility mode during the late August. The horizontal corrective cycle is still in progress, but there is a possibility that the bottom for the wave ii has been established at the level of 112.40. The wave progression looks choppy and full of whipsaws and the most important resistance at the level of 114.02 still hasn't been violated yet. Nevertheless, the market is still trading above all intraday moving averages, above the weekly pivot and above the golden trend line, so the break out to the upside might happen any time soon.
Support/Resistance:
112.31 - Intraday Support
112.97 - WS1
113.44 - Weekly Pivot
114.02 - Intraday Resistance
114.52 - WR1
115.02 - WR2
Trading recommendations:
Day traders should consider opening buy orders from current price levels with SL below the level of 112.30 and TP at the level of 114.00.
