The cable has support at 200WEma. Consecutive 3 weeks the pair managed to close above 200Wema. This week we can expect further clear oneside direction in the near and short term. The cable has support at 1.6160, below this, 1.6050 and 1.60 is the strong support zone. A close below 1.60 only the short and medium term turns down. The trading pattern is framed between 1.60-1.66, a break either side will give further room for the rest of the year. On the down side, if it hits 1.60, it can fall to 1.59, 1.5850 and 1.5720 levels. The cable is making a broadening tip in the weekly chart at 1.64. It closed below the descending trend line and hit the ascending trend line. These factors are representing more bearish thoughts in the near term. A daily close above 1.63, the cable can fly up 100 pips, and a daily close above 1.64 only, it can fly up to 1.6575-1.66. Until it closes below 1.64, selling on every upmove will mint the money in the near term and on a weekly basis as well.
For an intraday view, the prices are trading near hourly and intraday key moving averages. We recommend selling at the current market price or if any upmove takes place. We can see 1.62 and 1.6175 in a day or two. The pair has resistance at 1.6254, above this, 1.6282, 1.63 and 1.6345. Fresh upmove is only above 1.6345 towards 1.64-1.6415, strong upmove if only it closes above 1.64.
The material has been provided by InstaForex Company - www.instaforex.com
