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Jul 30

TECHNICAL ANALYSIS BY NSFX 30.07.2013

By:Nati

High:  Low: 

Following the test of the Fibonacci 23.6% level last week s range between the Fibo and resistance at the 9.85 area seems to have formed. This week has seen a very low trading range so far on the pair. Trading outside and above a trend channel going back to October 2012, with support level drawn from April last year. A correction back into this channel could be possible even after a retest of resistance drawn from recent highs. For a reversal of the bull trend to be confirmed a close and confirmation below channel support needs to occur.

R3
R2
R1
S1
S2
S3