The 131 barrier that was tested on Wednesday, following spike to 129.27 that briefly broke below near-term range floor at 129.40.Fresh rally bring hourly indicators in the positive territory and sees scope for final push through 131 barrier, also 76.4% retracement of 131.95/128.00 descend, to resume recovery rally from 128.00, The August 12th low, for possible full retracement.
Studies on 4-hour chart are positive and favor further advance, as the price broke above bear-trendline, connecting 132.72 and 131.95 peaks. Initial support lies at 130.40 zone and is reinforced by 55DMA, ahead of psychological 130.00 level. Only slide below 129.40/27 would revive bears and shift near-term focus lower.
Resistance: 131.00; 131.54; 131.95; 132.47
Support: 130.40; 130.00; 129.80; 129.41