Mable, look at cable!

Cable broke the 1.5913 October low.

The two-month low is a bearish signal but there is some support nearby at 1.5900, which is also the 50% retracement of the Aug-Sept low. Just beyond that are the 100 and 200-day moving averages.

Author: Adam Button

Adam Button is the managing editor of ForexLive™. He was previously the chief currency strategist at XForex and has also worked with Intermarket Strategy. Adam believes there's an edge in knowing every tidbit of news. He was formerly the head of the markets team at the Canadian Economic Press and is a graduate of Ryerson University. Adam lives in Montreal, follow him on Twitter: @FX_Button.

6 Comments

  1. Hi Adam, queston, will Greg come back soon ?

  2. Jamie, Gerry, Adam, Pete…the most ABLE forex writers online. Witty and entertaining combined with incisive and succint anlysis!

  3. Fozzie, just look at the Ozzie! On its daily chart, the AUD/JPY just crashed through its 38.2% retrace line in the sand as well as its 200-DMVA, and may/may not slow down upon approaching its 50% retrace point (AUD/JPY 81.749).

  4. 1.5900 is good bid ?

  5. Yes, a good bid at 1.5900

  6. Can I obama create a short covering back upto 6040 levels. I see R1 at 5950 area and it looks insufficient?

    Thanks Adam.

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