As predicted last week, the price indeed bounced off the crucial zone of support nicely and rose all the way up till the 152.500 area of previous support turned resistance, which also lines up with 61.8% Fibonacci retracement level. A massive wick rejection can be observed on the DAILY timeframe and a huge bearish engulfing candle on the lower timeframes such as H8 and H4. We are now expecting for the price to keep dropping till the important zone of support and even further down, forming new Lower Lows and continuing its bearish movements.
