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Forexpros.com Daily Analysis - 11/04/2011

Bulls are back in progress on cable after the pair made a very tricky decline two weeks back down to 1.5930 region. As such, we are now looking at the new, previous alternate count, which shows a flat correction in wave (2), followed by a new bullish leg, which is targeting now 1.6500 region and higher, with wave (3) underway. Any pull-back in coming week, will be just a corrective move with support seen around 1.6200/40 region; where trend line from 2009 should hold; resistance becomes support.

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