25 Nov 2014



The rate is currently testing the old support as the new resistance at 1.2444. A break above this level could take the rate up to test the falling trendline intact from August and November's range resistance around 1.2580 level.

A failure at the current level should take the rate down to test the range lows again at 1.2355. A break below this level would open a way towards new yearly lows and test the massive symmetrical triangle support around 1.2250 area.


Cable is currently trading in a tight range - 1.5590 - 1.5737 just bellow a major support. I am waiting for a break lower, for the rate to fall towards the next major fib confluence area at 1.5337 - 1.5363.

A break above the current range would invalidate my short term bearish bias, as it could start a bigger retracement towards the falling trendline around 1.5900 area.


The price has been diverging since the start of the month, however, I am still looking for the rate to go higher and a break of 118.60 level should take us all the way up to test the major psychological level at 120.00.

A break below 117.34 would invalidate my short term bullish bias and would indicate a start of a larger retracement.


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