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Consistent forecasting of price movement in today's Forex market is a forgotten art
that requires a deep understanding of price structure and development. The Daily
Forecaster is a comprehensive report that guides traders through the trading day
and is based on an integrated blend of techniques perfected by veteran analyst Ian
Copsey. Based on the techniques described in his popular book "Integrated
Technical Analysis" (published John Wiley and Sons.) Ian provides his unique and
insightful 9 page daily report to a wide range of traders which currently includes
hedge funds to banks and retail traders. Take a free trial to see why so many traders
rely on his unique analysis.
Cable hasn't reached its bottom yet but should see a pullback later today
Posted 09-04-2008 at 05:19 AM by FX-Forecaster.com
Cable remains the largest mover in a long while and yesterday's drop below 1.7740-60 has opened up the next long term target at 1.7421-44.
Indeed, while we should allow for some modest varience from the ideal target this does look like being a major low.
However, I don't think we'll see this target reached at this point. More likely a pullback should be due and could happen either today or tomorrow. At the most a "blip" down to 1.7608-26 is possible but assuming that bullish divergences have developed, watch this support carefully as this is the most likely window for a reversal higher - albeit within a larger correction...
Indeed, while we should allow for some modest varience from the ideal target this does look like being a major low.
However, I don't think we'll see this target reached at this point. More likely a pullback should be due and could happen either today or tomorrow. At the most a "blip" down to 1.7608-26 is possible but assuming that bullish divergences have developed, watch this support carefully as this is the most likely window for a reversal higher - albeit within a larger correction...
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