Original strategy :
Sell at 1.5335, Target: 1.5180, Stop: 1.5370
Position: -
Target: -
Stop:-
New strategy :
Sell at 1.5335, Target: 1.5180, Stop: 1.5370
Position: -
Target: -
Stop:-
Although cable has retreated again after meeting resistance at 1.5323 yesterday, break of this week's low of 1.5173 is needed to signal recent decline has resumed and extend weakness to 1.5150 but loss of downward momentum should prevent sharp fall below 1.5130-34 (61.8% projection of 1.5593-1.5275 measuring from 1.5331) and reckon 1.5100 would hold from here. If said support continues to hold, then further consolidation is in store and another bounce cannot be ruled out, above 1.5283-85 would bring recovery to 1.5330-33 (yesterday's high and 38.2% Fibonacci retracement of 1.5593-1.5172) but renewed selling interest should emerge there, bring another decline.
In view of this, we are looking to sell cable on further recovery. Only above 1.5383-85 (50% Fibonacci retracement and this week's high) would dampen this bearishness and risk a stronger correction of recent decline to 1.5415-20 and possibly towards 1.5432-35 (61.8% Fibonacci retracement of 1.5593-1.5173) before another selloff.
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