Cable was like a safe harbour this week with the volatility in the yen crosses. The downtrend has been solid and relatively smooth.
I have been talking about cable shorts all year but after 6 consecutive days of declines, it’s probably time to take some money off the table.
The daily chart looks like it wants to go down and test the 200-day moving average at 1.5909 or the November low of 1.5825.
I don’t know what it is about cable but it always seems to go my way (can’t say the same about the kiwi dollar).
