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Sep 04

TECHNICAL ANALYSIS BY NSFX 04.09.2013

By:admin

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The pair took home the fifth loss in a row and closed below the 50-day SMA. This has not been seen since early July. The pair tested the 200-day and found support at the 100-day SMA at 1.3135, which now acts as the last line of defense within the moving average indicators. Oversold Stochastics could provide some bullish pressure, but only if clear divergence is spotted. Should the 1.3135-level be taken out, an opening towards the 50% Fibo retracement in the wave from July lows to August highs at 1.3103 could be seen and then towards 1.3060. Resistance at the 50-day SMA at 1.3195 before 1.3230 and then 1.3260.

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