TECHNICAL ANALYSIS BY NSFX 05.08.2013
The Tenkan-Sen in the Ichimoku formation has provided decent support in recent weeks the convergence with the Kijun-Sen could indicate that we soon will have a bearish reversal signal. However, confirmation is needed.
Daily, the pair was rejected at the 38.2% Fibo retracement in the wave from 2013 high – June low at 99.95 and is now also back in the Cloud in a declining market, testing the 100-day SMA at 98.60-area currently. A close below would open up for a re-test of Cloud support and the 61.8% Fibo retracement in same wave at 97.60. Daily oscillators in neutral.