With a break below its daily rising trendline yesterday, the Cable has confirmed a bearish bias thus we expect a continuation towards next key support at 1,60 (weekly bollinger band).
The pair is now under pressure after a new fail to establish above 1,45. Daily studies are pointing to further losses over the coming sessions.
Despite the pressure on the majors and relative shift towards risk aversion, the Aussie is being resilient with only a slight consolidation in its current rally.
If a material base might be in place for a possible long term reversal, we haven’t seen yet a real confirmation of the bullish bounce started in July.
After a new fresh high at 0,8250 in the beginning of the week, the pair is showing signs of weakness by breaking back below the key 0,80 level.
The pair continues to trade flat just above its historical low (76,00). A material might be in place but we now need to see a break above 78,00 to confirm a bullish reversal.
Following the Euro decline, the Cable is also under pressure and we might see additional losses going forward.
The pair is now under pressure after a new fail to establish above 1,45. Daily studies are pointing to further losses over the coming sessions.
With a break above 1,06 last friday, the pair has shown renewed strengh and confirmed a possible bullish resumption.
Though it is not yet in question, we are starting to question the bullish potential on this pair which continues to be under pressure after a break below the 38% fib level.