The pair continues to trade negatively to settle now below 131.10, but also above 130.05, which is a positive sign that protects the previously suggested upside move, especially when Stochastic is turning positive. Now, we prefer to remain neutral, awaiting the pair's behavior around the critical levels shown above, where breaching any of them will indicate which path the pair might take next.
The trading range for this week is among the major support at 129.20 and the major resistance at 133.05.
The short-term trend is to the downside as far as 150.00 remains intact targeting 112.00.
|Recommendation||Based on the charts and explanations above we remain neutral, awaiting more confirmation|
Technical analysis for precious metals with major support and resistance levels and recommendations for 18-08-2009