Cable is in for another up and down week with brexit and US elections front and centre providing fundamental uncertainty.
All we can do is try and take the safe trades possible and here is our buys and sells reasoning.
We can see a defined uptrend within the channel here, and we did break above that 1.30 again last week so now, buys are applicable with a push back into that key support zone and rejection off it. Buys from current price are not good due to bad RR. Firstly we test the highs from last week, then we push into the weekly resistance around 1.33500.
For sells, we need to see a break of structure, and the reason we aren't selling until price reaches 1.28500 is that we'd be breaking a very major ascending trendline and the key 61.8% fib area hence sells would be very strong eliminating most buyers.
All we can do is try and take the safe trades possible and here is our buys and sells reasoning.
We can see a defined uptrend within the channel here, and we did break above that 1.30 again last week so now, buys are applicable with a push back into that key support zone and rejection off it. Buys from current price are not good due to bad RR. Firstly we test the highs from last week, then we push into the weekly resistance around 1.33500.
For sells, we need to see a break of structure, and the reason we aren't selling until price reaches 1.28500 is that we'd be breaking a very major ascending trendline and the key 61.8% fib area hence sells would be very strong eliminating most buyers.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.