Wednesday, May 16, 2012

Forex Pairs to observe--The cable is testing crucial support levels--


The cable is slowly breaking through support levels as the USD continues to gain strength across the board. So far the bulls failed to rally this pair above the counter-trend line and consequently this questions the bullish momentum. The bears are currently trying to push this pair below 1.5892 area, with T1 being 1.5820 and T2 being the lower bound of the channel around1.5646. Keep in mind this pair has important announcements coming up that can push this pair either way.

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