POWER: Nordic October Power Tracks Above 4% Weekly Decline

• Continued small broader lows for the Dollar as we head into the European session, nothing fast or big as of Yet.
• A new intraday low versus the EUR, AUD, SGD, CNH, MXN, KRW, ILS, NOK, SEK and CHF.
• As just mentioned, Cable is eyeing a test to 1.3524 next.

• The Dollar was flat during the Overnight session against all G10s, and Overall very tight ranges.
• While it is a touch in the red, looking at the Stokkie which is the best early performer, it is only up 0.20%.
• USDSEK printed a 9.5310 low Yesterday (Prices are according to Bloomberg), and so far Today a 9.5338 low.
• Initial support comes at the 9.4800 area.
• The Second best performer in G10s is the NOK, but first support is a little further out, at last Week's low of 10.1537.
• Looking back at the past 5 days, the Pound has been the best performer, up 1.14%, GBPUSD is looking to test 1.3524, Yesterday's high into the European session.

• RES 4: 6523.63 1.764 proj of the May 23 - Jun 11 - 23 price swing 
• RES 3: 6500.00 Round number resistance
• RES 2: 6477.31 1.618 proj of the May 23 - Jun 11 - 23 price swing
• RES 1: 6474.75 High Aug 31 and the bull trigger      
• PRICE: 6466.75 @ 07:30 BST Aug 13
• SUP 1: 6253.04 2.0% 10-dma Envelope
• SUP 2: 6239.50 Low Aug 1
• SUP 3: 6240.28 50-day EMA
• SUP 4: 6213.75 50% retracement of Jun - Aug Upleg

With the recovery based well off the early August low, prices have hit new highs Wednesday, marking a formal resumption of the underlying uptrend. Projection levels kick in at 6477.31 ahead of round number resistance into 6500.00. Through recent phases of weakness, the 50-day EMA at 6240.28, has held as support - and will be important on any subsequent declines. Clearance of this average is required to signal a stronger reversal.