The cable has found support at 1.60 since breaking through it, and it appears that traders are consolidating before a possible push higher in this currency pair. Because of this, the recent dips have all produced good buying opportunities.
The bias is still to the upside, with 1.68-1.70 being the target in the end. At 1.70, if we could get through that, it would appear that we will be heading towards the all-time highs again. This is a very long-term move though, as this pair has been grinding slowly. Until we dip below the 1.60 level, this pair should be bought rather than sold.
More March 21, 2011 Technical Analysis:
- USD/CAD Long-Term Forecast for the Week of March 21, 2011
- USD/JPY Long-Term Forecast For the Week of March 21, 2011
- USD/CHF Long-term Forecast for the Week of March 21, 2011
- NZD/USD Long-Term Forecast for the Week of March 21, 2011
- EUR/USD Long-Term Forecast for the Week of March 21, 2011
- AUD/NZD Long-Term Forecast for the Week of March 21, 2011
- AUD/USD Long-Term Forecast for the Week of March 21, 2011
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