Free Trial

Hits a New YTD High

CABLE TECHS
  • RES 4: 1.3677 76.4% 2018 - 2020 Selloff
  • RES 3: 1.3514 High Dec 13, 2019
  • RES 2: 1.3312 1.00 proj of Mar 20 - Apr 14 rally from May 18 low
  • RES 1: 1.3284 High Dec 31, 2019 / Aug 27
  • PRICE: 1.3209 @ 10:27 BST Aug 27
  • SUP 1: 1.3054 Low Aug 24 and the bear trigger
  • SUP 2: 1.3005 Low Aug 12 and
  • SUP 3: 1.2982 Low Aug 4 and a key support
  • SUP 4: 1.2945 Low Jul 30
USD weakness initially followed Powell's appearance at Jackson Hole, boosting the pair to the best levels of 2020 at 1.3284. This tripped the bull trigger at 1.3267 and strengthens the upside argument. A close above here is needed to open 1.3312 and beyond. Nonetheless, bearish threats are still present, with a bearish engulfing candle on Aug 19 possibly signalling a top in trend, with 1.3054 the downside target.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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.