"Price is in the process of completing its fourth consecutive up week. This aggressive bounce has negated the downtrend that began in September 2016 at 0.7486 (downtrend break confirmed by the recent close above 0.7095 - 61.8% retrace). This downtrend was material in magnitude but fell some 150-200 points short of our aggressive downside target at 0.6650/0.6700.

The upswing to date is yet to retest the broken uptrend channel at 0.7310/30. This is a likely interim target and level that must be broken if a more sustainable uptrend is to be maintained.

At this time we are comfortable targeting 0.7310/30 but prefer to take a wait and see approach to further gains depending upon the price response to this key resistance levels.

A weekly close above 0.7330 would imply a retest of the 2016 highs at 0.7403/0.7486".

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