Daily Chart
Cable hitting EMA 50 which was broken last week. EMA 50 has been acting as a decent support reference since Nov ’12, and failure to break above the EMA 50 could be interpreted as bearish bias.
Should price push above EMA 50, Weekly Pivot could still provide reasonable resistance, with R1 acting as final resistance against a bullish breakout scenario on the Daily Chart.
Hourly Chart
Hourly chart shows price trading below Yesterday’s high, heading towards 1.61. Camarilla H3 of 1.614 also acts as strong interim resistance. Support can be found between L3 and also Last Friday’s high around 1.608.
Bottomline:
Though price has climbed from the low of 1.60 to 1.61, this recovery does not constitute a full on reversal, but merely a retracement. Further advances upwards are needed to signal a bullish recovery both on the short-term and the weekly timeframe.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable
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