For almost the whole week, the cable is still consolidating above 1.3475 but should not go beyond. We expect these consolidations to be the continuation of the corrective wave (2) but must not go beyond 1.3436 where we’ll be looking to the buy the impulsive wave (3) to the upper side and should be extensive in nature. As long as the level 1.3436 protects the lower side, we expect a possible rebound from this level to buy this pair with an ultimate target at 1.35. This view can only be rendered futile in case the price ends up below 1.3436, if such as scenario is seen, then we expect a possible extension of the corrective wave (2) to the lower side. This pair should be traded alongside CADJPY, and USDJPY. These pairs have a strong negative correlation to the cable and will move in opposite direction during this intraday.
Trade Recommendation:
Buy the cable around 1.3436 with an ultimate target at 1.35.
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