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Cable has been hanging around the 1.60 level for several days, and even formed a hammer on last Friday which was very supportive. Since then, we have gone up, then down. Because of this, the pair is going to be for the patient only.
As we mentioned last week, this pair still has an upside bias, but would be a slow grind at best. Until the 1.60 gets broken below, the pair looks bullish. A look at the lower time frames shows that the 1.60 level is in fact supportive.
More March 16, 2011 Analysis:
