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Jul 22

TECHNICAL ANALYSIS BY NSFX 22.07.2013

By:Nati

High:  Low: 

The pair is trading within the 50% and 61.8% Fibonacci band levels drawn from the low of October last and the high in April. A wedge may be forming and this could eventually give us an indication as to where the price will head going forward. Following the sell off since April it remains to be seen if this is a correction withing the uptrend or a reversal which will continue through with a bearish trend going forward.

R3
R2
R1
S1
S2
S3