Chart of the Week

The Cable Turns Up?

Fri, May 16 2008, 12:28 GMT
by Tatsuya Kawanishi

FXstreet.com


The Cable daily chart has shown a downward movement of 1,000 pips within last 2 months from 2.0400 to 1.9361. As you see, the cable has been supported roughly 4 times by the support area around the 1.9350 level. This support area seems a pretty reliable and a good entry level. 50 and 200 SMAs keep moving down though. Macd hidden diovergence is confirmed. CCI is getting away from the oversold conditon area and moving upwards to the center line. If we see further upward momentum, 1.9600 and 1.9800 would be good targets. On the other way around, a break of the support area would suggest further downward movement.


Chart 1

Published on  Fri, May 16 2008, 12:32 GMT

Archive

FXstreet.com  | Portaferrissa 7, 1r 2a, Barcelona 08002, Catalonia - Spain
http://www.fxstreet.com | forex@fxstreet.com


Interested in forex trading? forex brokerage firms!


Forex Capital Markets, LLC (FXCM)
Contact the broker/FDM
Open a demo account
FOREX.com
Contact the broker/FDM
Open a demo account
Alpari (US), LLC
Contact the broker/FDM
Open a demo account		MIG INVESTMENTS SA
Contact the broker/FDM
Open a demo account		GFX Group SA
Contact the broker/FDM
Open a demo account

FXstreet.com will give you a 3 months membership as soon as minimum rebates have been generated (€150 for private trader/ €300 for corporate trader)

[Read Premium full description]


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.

Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management.

Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

©2008 "FXstreet.com. The Forex Market" All Rights Reserved.