/ 

Aug 12

TECHNICAL ANALYSIS BY NSFX 12.08.2013

By:admin

High:  Low: 

The pair enjoyed a massive rally last week with more than a 360-pip move versus a an 100-week ATR of 249 pips. Daily, we have for the past two days witnessed some correction to Wednesday's move after the pair failed to close above the 200-day SMA at 1.5520. Should we see a break above, the trend resistance projected from the 2013 highs will come into play (currently at 1.5568). However, the technical picture suggests a continuation of the correction as we have room for a move towards the prior break-out level at 1.5435 intra-day with overbought Stochastics.

R3
R2
R1
S1
S2
S3