Weekly Report 30/04 -04/05/ 2012
The pair has moved mildly downwards after finding a solid resistance inside Ribbons lines areas as seen on the provided graph. It is currently facing a very sensitive level where the support line of a potential classical pattern discussed earlier exists. At the same time, Stochastic is crossing over bullishly within oversold territories suggesting a reversal. Stability below Ribbons lines-EMA 10 to 80- contradicts the positivity of Stochastic and therefore, we will stay aside until the pair offers clearer signs.
The trading range for this week is among key support at 0.8890 and key resistance at 0.9260.
The general trend over short term basis is to the upside, targeting 0.9950 as far as areas of 0.8850 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