Cable has been in an uptrend since the 20th of December, comfortably surpassing the key level of 1.340. The price has formed an ascending channel, respecting the upper and lower bounds consistently. Our in-house view currently is short, the initial target for this trade is located at the bottom of the ascending channel - ( 1.353 ). The RSI levels on the 4hr time frame have just started to dip from overbought regions which add to our short bias. As the US dollar weakens is possible for the current uptrend to be exhausted, if the first TP target is hit then the next target lies at 1.345. The stop loss area for this trade is just above the recent high of 1.365.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.