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Jul 24

TECHNICAL ANALYSIS BY NSFX 24.07.2013

By:admin

High:  Low: 

Weekly, this pair is very similar to EUR/USD as it is also forming its third White Soldier, which could indicate additional upside. Daily picture, as illustrated, bullish price action has stalled at the 38.2% Fibo retracement in the recent wave at 1.5393, which now acts as main resistance. Stochastics are overbought and should the price fail to beat the highs of yesterday, we have divergence between price an indicator, which potentially could open up for a change of trend. Our take is a consolidation before a move higher.

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