TECHNICAL ANALYSIS BY NSFX 29.07.2013
The pair gapped lower this morning after closing below the 100-day SMA on Friday and has so far made a test of the Cloud base at 97.60 in the Ichimoku formation, coinciding with the 61.8% Fibo retracement in the wave from 2013 highs to June lows. As we are in the Cloud now, this is supposed to be a neutral zone. However, we could see stops below 97.55, which could trigger additional downside. Besides from that, a buy on dips should be preferred.