Weekly Report 31/05 -04/ 06 / 2010
The royal pair supported very strongly around 0.8420 areas as seen on the provided daily chart, where we think that the pair is attempting to build the third bottom for a triple bottom pattern. Stochastic and AC gave positive signs, encouraging us to say that, potential upside actions could be witnessed during this week.
The trading range for this week is among the key support at 0.8380 and key resistance now at 0.8700.
The general trend over short term basis is to the upside, targeting 0.9720 as far as areas of 0.8400-0.8380 remain intact.
Support0.84800.84500.84200.84000.8380Resistance0.85500.85850.86050.86350.8660RecommendationBased on the charts and explanations above our opinion is, buying the pair from 0.8490 targeting 0.8635 and stop loss below 0.8380 might be appropriate.