Today, we added the above seen Elliott count for our four hour chart, where we can see that the pair has ended an IM-impulsive- structure which started from the significant trough recorded on July, 12 at 1.5780 to the first peak of our range trading area around 1.6470. This impulsive wave was followed by two reactionary waves A and B suggesting that, Cable is achieving the C wave to complete our caught Elliott sequence. Assessing indicators, MACD becomes negative; whilst Vortex and SMA 50 are currently reflecting the strength of the bearish trend started at B point.
The trading range for today is among key support at 1.5935 and key resistance at 1.6550.
The general trend over short term basis is to the downside, targeting 1.4225 as far as areas of 1.6875 areas remain intact.
|Recommendation||Based on the charts and explanations above our opinion is, selling the pair below 1.6250 targeting 1.6000 and stop loss above 1.6435 might be appropriate|