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Trades To A Fresh 2020 High

CABLE TECHS
  • RES 4: 1.3677 76.4% retracement of the 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: 1.3248 @ 05:47 BST Aug 28
  • SUP 1: 1.3117 Low Aug 26
  • SUP 2: 1.3054 Low Aug 24 and the bear trigger
  • SUP 3: 1.3005 Low Aug 12
  • SUP 4: 1.2982 Low Aug 4 and a key support

USD weakness initially followed Powell's appearance at Jackson Hole yesterday, boosting the pair to the best levels of 2020 at 1.3284. This tripped the bull trigger at 1.3267 and strengthened the upside argument, although some additional follow through is still required to reinforce positive conditions. A break would expose 1.3312 initially, a Fibonacci projection. On the downside, 1.3054 marks the key near-term support, Aug 24 low.

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