Cable, Loonie & Euro

Good morning,

The Cable continues to go up but is struggling and the lack upward pressue is becoming questionable. This pair is hanging around the 200 MA on the 4 hour chart. I am still bullish on this but stops are placed well and staggered.

The Loonie is also running out of steam upwards but it is on a trend up since the 7th November. On this pair we can see The Figure just above price action and we have fibs at 9965. I would watch out for these resistance areas. A more likely scenario if this was a new and stable uptrend would be a retest of the low (without failing) which would be a wave 2 before we commence for the big move up. If the retest breaks the low and subsequently fails then this was never an uptrend and is just a breather before the downtrend commences.

Lastly, the Euro is still attempting to tag 1.50 and we may see that happen soon (dependent on news). Using XTL on the daily this is still a long choice as the RTC has not been breached.

FXCPS Team