Saturday, August 22, 2009

Technical Analysis for last week of August

Salam friends,

Here's my technical analysis for this week:

Cable
If the trendline holds, we could potentially see cable moving up possibly to 1.6600-1.6620 as the nearest resistance level, provided that stock markets rally holds. However, if the stock market continue further correction and the trendline is broken, we could potential see cable dropped to 1.62 -1.63 levels.
My indicators (RSI and deMarker) are at the half way line while stochastic is at the oversold level.



Fibre
This pair could break the red line and go beyond 1.44 levels, with next strong resistance is 1.4687, which is the 61.8 Fibo level of 1.2501 and 1.6038.



Aussie
Similarly, Aussie could also reach the 61.8 Fibo level (0.6229-0.9850) at 0.8467, if supported by favorable risk sentiment trend in the week ahead.



Kiwi
Could also reach 61.8 fibo level at 0.6945 however my indicators are all showing that this pair is at the overbought level and poise for some corrections.


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