Most recent candlesticks pattern : N/A
Trend : Down
Tenkan-Sen level : 1.6248
Kijun-Sen level :1.6253
Ichimoku cloud top :1.6238
Ichimoku cloud bottom :1.6198
Original strategy :
Sell at 1.6310, Target: 1.6160, Stop: 1.6345
Position : -
Target : -
Stop : -
New strategy :
Sell at 1.6310, Target: 1.6160, Stop: 1.6345
Position : -
Target : -
Stop : -
Cable's near term sideways trading below indicated resistance at 1.6279 (38.2% Fibonacci retracement of 1.6644-1.6052) is expected to continue and reckon the lower Kumo (now at 1.6198) would limit downside, risk remains for another corrective rise towards 1.6300-10 before prospect of a selloff later this week. Below the Ichimoku cloud bottom would bring weakness to 1.6120-25, break there would signal rebound from last week's low at 1.6052 has ended, bring resumption of decline for retest of this level, then 1.6040-45 (1.61.8 times projection of 1.6466-1.6283 measuring from 1.6340) but reckon psychological support at 1.6000 would limit downside.
In view of this, we are still looking to sell cable on subsequent recovery as 1.6300-10 should limit upside. Only break of 1.6340-48 (previous resistance and 50% Fibonacci retracement of 1.6644-1.6052) would abort and signal a temporary low is formed and bring retracement of recent decline to 1.6375-80 first.
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