Cable remains in directionless near-term mode and ranging between converged DMA’s (10/20/30/55) and daily cloud top. Repeated probe into daily cloud today was short-lived, as lower 20-d Bollinger band (1.2260) continues to limit. Mixed daily studies lack clearer direction signal, but the action is currently holding near the floor of larger range and being slightly biased lower as daily cloud is thinning and will twist in two days. Break into cloud and extension through Bollinger band and 21 Apr low (1.2247) is needed for bearish signal and attack at key support at 1.2174 (Fibo 38.2% of 1.1409/1.2647). Bulls would be revived on break and close above converged DMA’s (1.2418) that would allow for stronger recovery.
Res: 1.2355, 1.2418, 1.2467, 1.2500
Sup: 1.2287, 1.2260, 1.2247, 1.2200
