Today traders will eye the CPI and RPI data on a yearly basis. We expect the CPI and RPI to be unchanged at 1.8% and 2.5%, respectively. The cable pushed to a 5-year high with respect to speculations of a interest rate hike. It made a high at 1.7011, a striking distance to a post-crisis high at 1.7043. We recommended yesterday buying above 1.7045, it still has not trigger. The cable made a high at 1.7011 and started moving back. Risky traders can short with sl 1.7043 with a reversal trade, buy above 1.7045, for 1.71 and 1.7140 levels.
The support level is at 1.6960 and resistance is between 1.7011-1.7043. The weekly support level is at 1.6820 (50-day SMA). Until the pair closes above 1.6820, traders can use the dip to buy on a positional basis. If a day close below 1.6820, we expect a healthy correction up to 1.6785 and 1.6740.
For intraday basis, the cable has support between 1.6960 and 1.6940. We can see the selling pressure below 1.6940 up to 1.6925 and 1.6870 levels. The hourly momentum oscillators favor selling side.
Support
21 hrsma 1.6925, 34 hrsma 1.6870, 50 hrsma 1.6845.
Resistance
1.6986, 1.7011, 1.7043.
Buy above 1.7045 for 1.7066, 1.71 and 1.7140.
The material has been provided by InstaForex Company - www.instaforex.com
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