On the hourly we can see that price has been consolidating a bit, and ranging. However, we have been unable to close above any of the moving averages. We do however, have a smaller level of support around the 131.61 area. If we can retrace down to this we could see a bounce back to the tl of around 60 pips. Or a break which would indicate that we would be looking to tap into the monthly support.
My overall bias is that if we can reject the monthly support, price will rise!
My overall bias is that if we can reject the monthly support, price will rise!