With long upper shadows formed on the four-hour candlesticks, Cable couldn't clear 61.8% Fibonacci retracement of the upside wave from 1.5270 to 1.6165 as seen on our provide graph. The contrarian between the positivity appearing on Vortex-trend indicator- and the negativity appearing on RSI 14-momentum indicator- in addition to the sensitivity of 61.8% level force us to stay aside over intraday basis despite breaching the resistance line of the descending channel. The pivotal resistance areas reside between 1.5690 and 1.5720; whilst the initial support resides at 1.5510.
The trading range for today is among key support at 1.5375 and key resistance at 1.5780.
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, staying aside until an actionable setup presents itself to pinpoint the upcoming big move.|