H4 Cable: Price became range bound whilst testing the BRN 1.52 area. Price broke the range on Friday. I'm now looking for PA setup to print a trigger pin bar or bearish engulfing for short entry, with targets of T1 and T2. T1 is the recent H4 swing low of 1st July, T2 is swing high of 2nd May (bold blue line). T1 and T2 are also fib retraces of the recent Daily swing north. MACD H4 shows divergence.
Daily: Bearish engulfing bar. If price breaks down in the short term as suggested above, then subject to PA signals I'll be looking to go long from 1.4775 area (bold blue line), with potential trade back upto 1.52, and possibly 1.55 area.The other scenario: this recent move north from May was corrective, and may now be complete - price will break down through the bold blue line, break recent lows, and a new rally down to 1.35 could unfold.All this is very speculative though, so lets see how the PA works out, and if the signals materialise, but for now I favour a small correction, and then more upside on the Daily.
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