Recovery from 109.77 (21 Aug low) extends into third straight day, additionally boosted by hawkish Fed minutes and penetrates thick daily cloud (cloud base lays at 110.64). Rally faces strong headwinds at 110.90/111.00 zone (converged 55/20SMA’s / bear-trendline drawn off 113.17, 19 July top) and consolidating just under the zone. North-heading slow stochastic and momentum, which both formed bull-crosses, support scenario, with close above 111.00 barrier to open way towards next pivot at 111.50 (daily cloud top, reinforced by Kijun-sen). Broken cloud base (110.64) should keep the downside protected) to maintain bullish bias.
Res: 111.00, 111.50, 111.87, 112.15
Sup: 110.64, 110.45, 110.07, 109.83
