Every now and then, the market will enter into a complex corrective phase. It is quite hard to forecast the degree of the complexity, and where the correction will end. All one can do is to take his/her chances at key levels.
Right now I see some resistance between 1.5220 and 1.5230. Assuming that this completes the correction, we will get back nicely into the bear trend. However, be aware that if we rally back above 1.5235 AFTER coming down to around 1.5100 or lower, then we could actually be looking at 1.5420 or somewhere there by next week. Your clue comes from a very fast rally after dipping to 1.5090 or so. So be nimble. Ramki
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Given the bearishness of cable, Would you even consider a long on this pair GBP/AUD based on the following look? http://chart.ly/mgag84
Srinivasan, regarding GBP/AUD, I continue to be bearish and reckon we will see 1.6000 in the not too distant future.