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Jul 23

TECHNICAL ANALYSIS BY NSFX 23.07.2013

By:admin

High:  Low: 

Cable has rallied for the past five days in a row and yesterday, the pair managed to close above the 50- and 100-day SMAs, which shows a positive sentiment in momentum. Current highs at 1.5384, just ahead of Fibo retracement in the recent wave at 1.5390 acts as next resistance, where a break would open up for a test of 1.5440-70 area. As Stochastics are overbought, market participants could be looking for signs of divergence, which could stall the bullish momentum and give way for a consolidation in the 1.53-1.54 range. As long as the 1.53-figure holds, the pair should be a buy on dips.

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R1
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