Cable weekly chart, 2 head and shoulders formed, both with neckline at 1.9400. This support line has been very strong in the past. If USD continues in its strength, we may see this line break soon, the pink line would show potential first target for the smaller of the two head and shoulders. Since weekly is such a big time frame, will have to keep this pattern in mind for targets while shorting beneath 1.94.
If 1.9400 holds up, then continued ranging between 1.94 - 1.98.
Note: interesting that we had two daily inverse h&s patterns that both failed to the downside in the past few weeks. Does this mean price does want to break the 1.94?
If 1.9400 holds up, then continued ranging between 1.94 - 1.98.
Note: interesting that we had two daily inverse h&s patterns that both failed to the downside in the past few weeks. Does this mean price does want to break the 1.94?