Weekly Report 30/04 -04/05/ 2012
The pair has moved higher on the US session on Friday after touching our first detected technical objective at 1.3170 as seen on the provided daily chart. Having a deeper look at the graph shows that the past week's price actions have been trapped between 38.2% and 23.6% Fibonacci levels of the entire upside wave from 1.2625 to 1.3485 while trend and momentum indicators continued reflecting technical hesitation case as the pair has taken SMA 50 but Stochastic(8-3-3) remains negative. In result, we prefer to stay aside until an actionable set up presents itself to pinpoint the next move.
The trading range for this week is among key support at 1.3005 and key resistance at 1.3485.
The general trend over short term basis is to the downside, targeting 1.1865 as far as areas of 1.3550 remain intact.
|Recommendation||Based on the charts and explanations above our opinion is, staying aside until an actionable setup presents itself to pinpoint the upcoming big move.|
Technical analysis for precious metals with major support and resistance levels and recommendations for 18-08-2009