Cable - mid-May

By hitting a peak at the end of April @ 1.627, Cable showed once again its seasonality behavior (reaching tops or bottoms at the beginning or the end of months. It's been a steady decline even since the beginning of May.2012... This pair is about a 60 pips away from 1.600 that, beside being a "round number" (place where most trading orders and stops is happening), it's also hitting the ascending Bullish support line dating back from the beginning of Jan.2012. That point is also a 50% fib retracement between 2011 high and Jan.2012 low giving additional significance to that price.

I am looking for a bullish setup as long as daily resistance line holds. I am also expecting some choppiness in price action between 1.59& 1.605 since price rather rarely jumps of its support line right away. Look for 1hr price action for a right entry and stop positioning...