With the Fed signalling at least one and maybe two rate cuts in 2019 the RBA will probably not feel the need to cut more. Next RBA meeting is on 2 July 2019, the situation will become clear then. For now, definitely worth a good shot on the long side as long as there is close above 0.6860.
The chart should say it all... :-)
Obviously one has to have to have icewater running through your vains to trade Cable right now.... ;-) But check Fractal from my buddy @owsi1968
Forks Forks Forks and Fibs
Slowly breaking out of a several months long bottoming pattern...
Retracement stopped right at 88.60% Fib @ 1.1336.
FX:EURAUD The 1.5771 level has been an important pivot for over a year. We have seen a convincing breakout above that level in December 2018, we are now seeing a re-test of this level (which is also a 61.8% Fib retracement level (1.5808 (close enough)) from that latest move up). Immediate levels on the upside in the next few weeks/months are: - 1.5986 - 1.6256 - 1.6354
Perfect setup if you are into Forks :-)
Upper parallel is support, looking for continuation inside the upward channel.
The red fork should hold going forward.
Pullback to get short around 112
Entry right at TL, stop right under 61.8% Fib retracement. TP's at 61.8% and 100% Fib extensions.
Fed is being pressured to stop raising rates. ECB is just waiting for the Brexit fiasco to be resolved to announce a rate hike towards the end of 2019.
Daily reversal support at 1.1087 Strong support at 1.1115 200MA turning up RSI TL support
Daily reversal support at 1.1057 61.8% retracement from latest move up reached at 1.1059 Closed above 200MA on friday
$BBRY Pullback before much much higher