Cable Long: 9-June-2015

9 thg 6, 2015

Market bias on weekly TF is in recent uptrend as as such we will long for long positions in smaller TFs following short retracements. Price action is indicative of an uptrend on the 4 hr TF, following decline from 1.580 we have a double bottom formation which is confluenced by price being rejected off the daily demand zone. Price is currently violating the downward TL, should price break above the double bottom neckline, we would expect it to go up as far as the length of the range (highlighted by the black vertical line) which would take up into our daily supple zone and is in confluence with the 61.8% Fib ext (highly respected area).