US markets on Tuesday pushed down into the Weekly lows and bounced with a late 'short-covering' rally.Until US markets break those Tuesday's lows, then both markets remain range bound.
We can now see that the 3-day highs have caught up with price, and it was the same price action that occured in the Australian Market today, a higher move towards the 3-day highs before being push down into the lows again in the last 100 minutes of trading....
Wednesday:- Two plays today1. Support and push upwards into the 3-day highs, which also match the 5-day 50% level can set-up a down move.
This will be confirmed with a break of support and a lower daily close:- Failure @ the 5-day 50% level and 3-day high and continuation of the down trend. (trending down day and break of Tuesday's lows)
2. I also mentioned in yesterday's report:- a bounce off the Weekly lows and traders can't discount a move higher on Wednesday, that will have to be verified with a break of the 3-day highs.
Simply trade either side of Support.....
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