Cable is holding within the triangle, limited by 10 and 100SMA’s

Slobodan Drvenica Windsor Brokers

Cable is trading within near-term triangle, entrenched between daily 10 and 100SMA’s that mark key near-term levels.
The upside is limited by descending 10SMA (currently at 1.2474), while 100 SMA marks the lower pivot (currently at 1.2404).
Break of either side is needed to define fresh near-term direction, as daily studies are mixed. Extension below 100SMA would face immediate support at 1.2379 (top of descending daily cloud that so far contained downside attempts), break of which would trigger fresh weakness.
Conversely, lift above 10SMA (also upper triangle boundary) would shift near-term focus higher and expose 20SMA (1.2509), which guards upper pivots at 1.2550/80.

Res: 1.2474; 1.2509; 1.2550; 1.2580
Sup: 1.2404; 1.2379; 1.2345; 1.2300

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

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