Doji Suggests Bulls May Be Running Out of Steam

March 10, 2016

Doji Suggests Bulls May Be Running Out of Steam:
The Cable finished last week over 370 pips higher, reversing from new lows on February 29th. This was quite an impressive rally, but a Doji on the daily chart could signal a premature end for the bulls.

Cable Capped

Pair remains capped by the falling wedge top below 1.4275. Initial support is yesterday’s Doji low at 1.4177, a break below there would likely lead to a retest of the multi-year lows around 1.3835. Alternatively, a break above the wedge top would target the February highs in the 1.45 – 1.4670 range.

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Oscar Goullet – @FXtechs

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