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Aug 19

TECHNICAL ANALYSIS BY NSFX 19.08.2013

By:admin

High:  Low: 

Second week in a row of gains in the pair. On weekly, the pair is facing a cluster of resistance levels - currently flirting with the 50-week SMA at 1.5626 before 100-week comes in at 1.5690 and finally the 200-week SMA at 1.5757. Daily, the momentum is bullish, but some consolidation is expected at these levels after the pair took out the trend resistance from 2013 highs. We need a close above 1.57-trend resistance from late January, which would give scope for 1.5750 (June 2013 highs). Downside, 50% Fibo retracement at 1.5560 coinciding with trend from 2013 highs act as support.

R3
R2
R1
S1
S2
S3