Weekly Report 02/04 -06/04/ 2012

The consolidation period extended of another week; where last week ended within the same range bound among the probable pennant pattern. The recent breach of the falling wedge pattern was a mere continuation of the ranging stance. This morning, price is trading above the 50-days SMA, however we need a meaningful breach out of this range to look for a sustained directional move, thus we are neutral on the pair this week, awaiting further developments.

The trading range for the week is expected among the key support at 0.9840 resistance at 1.0150.

The short term trend is to the upside targeting 1.0650 with steady weekly closing above 0.9880.

Previous Report

Support0.99500.99200.99000.98700.9850
Resistance0.99901.00201.00501.00801.0120
RecommendationBased on the charts and explanations above, we recommend staying aside awaiting further confirmations