Free Trial

Jan 3 low in view: *RES 4: 1.2717/35....>

CABLE TECHS
CABLE TECHS: Jan 3 low in view:
*RES 4: 1.2717/35 High Jul 1 / High Jun 28
*RES 3: 1.2606/32 High Jun 17/21-dma
*RES 2: 1.2600/01 High Jul 3 / 200-hma
*RES 1: 1.2523/46 Intraday high/100-hma
*PRICE: 1.2463    @ 08:23 GMT July 9
*SUP 1: 1.2458    Intraday low
*SUP 2: 1.2445/41 1.618% swing $1.2481-1.2540/Low Jan 3
*SUP 3: 1.2439    76.4% 1.1841 - 1.4377
*SUP 4: 1.2351    Low April 10 2017
Cable breached the 1.25 level with ease, extending the downtrend to multi-month
lows of 1.2458. Recovery efforts remain shallow further reinforcing the current
bearish pressure. Scope is seen for a move towards the Jan 3 flash crash lows at
1.2441. This low intersects well with a key 1.618% swing target & 76.4%
retracement level at 1.2445/39, suggesting a potentially strong support area.
Gains above 1.2600 are needed to change the short-term outlook.

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.