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Jan 27

TECHNICAL ANALYSIS BY NSFX 27.01.2014

By:admin

High:  Low: 

Overall, the pair is still in a downtrend since the February 2013 highs of 0.8814 as we have witnessed a scenario with lower highs as well as lower lows. Last week, the pair tested lower, but was rejected at the 61.8% Fibo retracement in the wave from 2012 lows to 2013 highs at 0.8167 leading to a positive close. 100-week SMA in play for the week at 0.8477 in conjunction with the 50% Fibo in same wave. A break above would open for a test of 50-day SMA at 0.8324.

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