Weekly Report 05 - 09 / April / 2010

Cablehas been ableto build a strong base at 1.5170 after insuring the completion of the bullish technical pattern shown above, which was detailed in our daily reports last week. Some expected bearish correction that will retest mentioned support above due to the clear negative signs appearing on momentum indicators, followed by a reversal the pair will achieve through it the expected bullish direction for this week; targeting first resistance 1.5380 then towards 1.5615. Keep in mind that these expectations essentially require the weekly close to remain above 1.5100 to prevail.

The trading range for today is among the key support at 1.4990 and the key resistance at 1.5615.

The short term trend is to the upside as far as 1.4850 remains intact with targets at 1.7000.

Previous Report

RecommendationBased on the charts and explanations above our opinion is buying the pair from 1.5170 targeting 1.5380 and stop the four hour loss below 1.5050, might be appropriate.