Strong rally from 1.3000 base brought near-term bulls fully in play, as the price surged above important 1.3300 barrier. Weekly close above the latter confirms positive sentiment, with fresh extension higher testing next target and psychological 1.3400 barrier overnight. Positive daily structure sees scope for further retracement of larger 1.4938/1.2042, 2011/2012 descend, with Feb 2012 peak at 1.3485, along with 50% retracement and psychological 1.3500 resistance, seen next. From the other side, overextended conditions on one and four-hour chart, with hourlies already pointing lower, suggest corrective pullback. Immediate supports lie at 1.3350/30, hourly 20 day EMA / Friday’s intraday low, ahead of more significant 1.3300 zone, where dips should be ideally contained. Any reversal under 1.3247 higher platform, would delay bulls.
Res: 1.3402, 1.3450, 1.3485, 1.3500
Sup: 1.3350, 1.3330, 1.3300, 1.3280
Cable trades in a corrective/consolidative mode, following last Friday’s failure to regain psychological 1.6200 barrier. However, 1.6100 support zone offers good support, with dips being contained there for now. Hourly studies are weak, while 4h chart outlook hold more positive tone and sees potential for fresh attempt at 1.6177 and 1.6200, with 1.6115/00 zone, 20/55 day EMA’s / round figure support, required to hold and prevent fresh slide towards 1.6074/62, 08 Jan high / Fib 61.8% of 1.5991/1.6177 rally, loss of which would sideline bulls.
Res: 1.6154, 1.6177, 1.6200, 1.6231
Sup: 1.6115, 1.6100, 1.6088, 1.6074
The pair continues to travel north after clearance of previous high at 88.40, cleared 89.00 level and shifted focus towards psychological 90.00 barrier. Corrective easing is seen on overbought near-term conditions and faces good supports at 89.34/00, ahead of 88.73 and 88.40, where any stronger pullback should find ground, to keep near-term bulls intact.
Res: 89.66, 90.00, 90.39, 90.50
Sup: 89.34, 89.00, 88.73, 88.40
The pair remains under pressure, following last week’s corrective attempt failure under strong 0.9200 barrier, psychological resistance and 20/55 day EMA’s bearish crossover. Subsequent reversal towards initial 0.9100 support, keeps bears in play, as the price looks for test of 0.9080 base, loss of which would trigger fresh extension of larger downtrend from 0.9970 and expose 0.9041/00, next downside targets. Any recovery under 0.9200, would be described as corrective, while only break here would provide relief.
Res: 0.9142, 0.9177, 0.9191, 0.9200
Sup: 0.9110, 0.9100, 0.9080, 0.9041