Worth looking at a couple of points on the short term chart -...

Worth looking at a couple of points on the short term chart - the bullish setup yesterday required confirmation.

Simply jumping in and hoping for the best isn't a smart move if one believes in the balance of probabilities approach to decisions. So for me confirmation is the closing 72.5 cent break today above the 71.5 cent high of Tuesday's bearish candle which led the formation of the bullish pattern. The short term reversal has now formed a higher low another positive sign.  

The weekly shows a bullish Piercing pattern last week which from a weekly perepective is still unconfirmed, the Brexit bearish fall on Monday and Tuesday has taken care of that for the moment. So the signs are good, market still skittish and news driven but the postponement of the US rate rise hasn't hurt.  Today's solid candle should entice some more buyers.

Daily COB July 7th


Weekly