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Jul 29

TECHNICAL ANALYSIS BY NSFX 29.07.2013

By:admin

High:  Low: 

The pair managed to take home it's third weekly gain in a row showing a Three White Soldiers Formation and the 50-week SMA is very close to cross above the 100-week SMA, which could indicate further positive momentum. Daily, we managed a close above the 23.6% Fibo in the recent wave at 1.3260, but Friday's Doji suggests that the market has reached a stage of indecisiveness and could see either a consolidation above the Fibo level or a move lower following overbought Stochastics. A possible strategy could be to sell on rallies towards the 1.33-figure, where we see stops above.

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