Just within four hours, Cable has changed its direction after approaching the initial support levels around 1.5785-1.5780 and this incline has fixed the negativity of Stochastic over daily studies. The technical situation becomes more sensitive since the pair is gradually approaching February's high at 1.5995 and a break of which will bring more buying interests towards 1.6165 but we can see a technical obstacle facing intraday bulls as Stochastic over four-hour interval is definitely negative. Shall intraday traders be able to beat the above mentioned technical obstacles? We will watch out the price behaviors carefully at least during the morning session.
The trading range for today is among key support at 1.5730 and key resistance at 1.6165.
The general trend over short term basis is to the downsidetargeting 1.4225 as far as areas of 1.6875 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.|