The CABLE confirmed on Friday further consolidation interior the inside day with 1,6110 – 1,5880 still the levels to follow in the coming hours. A break of the support will lead this pair lower suggesting a 1,58 undershooting. In the weekly chart it formed a negative week reversal!!
The indicators of the daily chart are still positive but those of the weekly one remain below the line. We have at the moment negative indicators also in the s/t charts supporting further consolidation. Only an hourly closing above 1,6075 will postpone further weakness favouring a retest of the 1,6170 area.
The s/t scenery is still well mixed; the CABLE is holding very well above 1,5950 and on Friday it even formed bearish divergence in the hourly chart, however below 60%!! For the moment we prefer therefore remaining on the sideline following the inside day.
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