Recovery loses power but bias remains with bulls above 200WMA
Cable cracked 1.32 barrier (50% of 1.3514/1.2904) on Tuesday in extension of Monday’s 0.62% advance, boosted by but for now lacks momentum to break higher.
Daily MA’s in bullish setup are supportive as the price maintains bullish bias above broken 200WMA(1.3074) and action being underpinned by rising daily cloud, but negative daily momentum and flat stochastic / RSI warn.
Good supports lay at 1.3137/20 (broken Fibo 38.2% / 20DMA) and need to hold to keep bulls alive for renewed attempt above 1.32 zone and attack at 1.3284 (last week’s high / recovery rejection.
Near-term structure would weaken on loss of 1.3137/20 supports, but return below 200WMA is needed to bring bears in play and shift near-term focus lower.
Res: 1.3212; 1.3265; 1.3284; 1.3332
Sup: 1.3137; 1.3120; 1.3087; 1.3074