Free Trial

Bears Focused On 1.2995-1.3064 *RES.....>

CABLE TECHS
CABLE TECHS: Bears Focused On 1.2995-1.3064
*RES 4: $1.3445 Hourly resistance May 22 
*RES 3: $1.3421 Low May 23 
*RES 2: $1.3405 55-WMA 
*RES 1: $1.3351 Hourly resistance May 25
*PRICE: $1.3310 @ 0220GMT
*SUP 1: $1.3292 2018 Low May 25 
*SUP 2: $1.3219 Low Nov 28 
*SUP 3: $1.3064 100-WMA 
*SUP 4: $1.3037 Monthly Low Nov 3
*COMMENTARY: Pressure on the pair resulted in a weekly close below the 55-WMA
which adds weight to the case for a move currently targeting $1.2995-1.3064.
Bears now look for a close below $1.3292 to add additional weight as layers of
resistance continue to build. Bulls now need a close above $1.3421 to ease
bearish pressure and above $1.3617 to hint at a move back to $1.3792-1.3893
where, 55 ($1.3839) & 100 ($1.3880) DMAs are noted.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.