Slobodan Drvenica
Windsor Brokers
The pair posted new marginally higher high at 0.7739 and closed above 0.7700 barrier yesterday, signaling that uptrend from 0.7160 (ate Dec base) is still intact.
Near-term consolidation is so far entrenched between 0.7700 and 0.7739, with scope existing for final push towards kay barrier at 0.7776 (08 Nov high).
Ascending 10SMA that tracks the uptrend since early Jan, offers solid support at 0.7684 which should contain extended dips and keep intact 0.7655 pivot (rising 20SMA).
Only firm break below the latter would sideline immediate upside attempts and risk return to 0.7600 higher base and former consolidation floor.
The pair is on track for bullish weekly close after past two weeks’ action was shaped in long-legged Dojis and this would be seen as initial signal of bullish continuation.
Res: 0.7739; 0.7755; 0.7776; 0.7800
Sup: 0.7696; 0.7684; 0.7655; 0.7618
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The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
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