Cable has fallen this week back to our support area of 1.60, showing that consolidation is certainly the order of the moment in this pair. A break below 1.60 has us running to 1.58 in short order. However, it should be said that on the shorter time frames, the highs made after testing 1.60 have continued to be higher and higher. Because of this, 1.60 should attract new buyers as the pair tries to march towards 1.68-1.70 resistance areas.
More March 28, 2011 Technical Analysis:
- USD/CAD Long-Term Forecast for the Week of March 28, 2011
- USD/JPY Long-Term Forecast For the Week of March 28, 2011
- USD/CHF Long-term Forecast for the Week of March 28, 2011
- NZD/USD Long-Term Forecast for the Week of March 28, 2011
- EUR/USD Long-Term Forecast for the Week of March 28, 2011
- AUD/NZD Long-Term Forecast for the Week of March 28, 2011
- AUD/USD Long-Term Forecast for the Week of March 28, 2011
