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Aug 16

TECHNICAL ANALYSIS BY NSFX 16.08.2013

By:admin

High:  Low: 

Cable had a strong day yesterday closing above the 200-day SMA and trend resistance from the 2013 highs, opening up for a re-test of the 1.5750 level should the bullish momentum continue, but there are some signs of supply just above current levels. Weekly, the pair is flirting with the 50-week SMA at 1.5635  and above this, the 100-and 200-weeks SMAs are coming in at 1.5690 and 1.5780, respectively. Oscillators short term overbought, which could imply that the daily action will be consolidating to bearish towards 1.5540.

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