Cable breaking out of range and closed the week above prior high suggest the move up is not done yet.
How high can cable go before a recovery / continuation down?
1.3000 Why? Because its the yearly central pivot point and look left its also a gap where price accelerated lower.
The conservative target is around 1.2550. The more aggressive target is back to...
After EURJPY broke to the upside, its finally retracing the breakout and is likely to bounce around prior resistance 137-136.
The target for this setup is prior high 141 into 143.
The buyzone held as support and cable is looking to trade higher towards prior high... the 5877 and 1.60.
The counter thesis is that cable drops from here and trades lower into 1.50.
Since cable found support at a new yearly low around 1.4565 its been rallying up without a normal correction. Since we finally found resistance around 1.5813, cable is finally recovering from that onesided upmove and is approaching a key buyzone... This is the zone where buyers need to reload to keep the bullish momentum going towards 15870 into 1.60.
...unless...
The pound broke the keylevel 7041last week and closed above it. Looking to hit the next key level at 7331, which is the 50% of the 2008-2009 selloff. For the next couple of days, its all about retracement down to find new buyers to push the pound to 1.73.
Gold is at a prior 2013 bottom and again below 1200. If price stays belows 1200 it can move lower into 1180-1150 which is a potential buyzone (based on a support zone from 2010)
Targets are 1250 - 1300 - 1350 (200DMA).
This thesis is invalid if we get daily closes below 1100. This would open the possibility for 1000
