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Aug 01

TECHNICAL ANALYSIS BY NSFX 01.08.2013

By:admin

High:  Low: 

Following a few days of consolidation and lack of direction above the 23.6% Fibo retracement in the recent wave, we saw both sides of the range being tested and breached. In the late US session, the markets took out the stops to the upside at 1.3301 but was rejected at trend resistance from the 2013 highs at 1.3330 still managing a close above the Fibo retracement. This morning, we have witnessed out-right selling, currently testing the 50-period SMA on a 4-hour chart at 1.3240, where a break would open up for  a test of 1.3205-area. Upside, the trend line from 2013 highs was respected yesterday and we expect this to hold.

R3
R2
R1
S1
S2
S3