Strong three-day rally, sparked by fresh risk mode on trade optimism, approached recent three-month high at 109.28 (30 Oct) on Tuesday, following the strongest one-day rally since 25 Sep, which also resulted in daily close above 200DMA (109.02)

Bulls eye key Fibo barrier at 109.36 (Fibo 61.8% of 112.40/104.44), break of which would generate bullish signal for extension towards next strong resistance zone at 109.60/ (falling converged 55/100/200 DMA’s).

Rising daily bullish momentum underpin the action, as weekly cloud twist also attracts, with repeated close above 200DMA needed to confirm bullish stance.

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Caution on daily stochastic ranging around overbought border and warning about further hesitation to clear 109.36 pivot.

Daily Tenkan-sen / Kijun-sen are in strong bullish configuration and Tenkan-sen (108.58) needs to hold extended dips and keep bulls in play.

Res: 109.28, 109.36, 109.57, 111.00
Sup: 109.18, 108.90, 108.58, 108.21


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