Weekly Report 30/08 -03/ 09/ 2010

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The royal pair is presently attacking the resistance line of the falling wedge pattern as seen on the provided daily chart. Stochastic and OsMA are still giving positive signs and thus; this classical pattern could push the pair to the upside during this week. A break of 0.8215 might create a very strong upside wave. Note that, areas of 0.8060 should hold to keep our positive scenario valid.

The trading range for this week is among the key support at 0.7995 and key resistance now at 0.8380.

The general trend over short term basis is to the downside, targeting 0.7780 as far as areas of 0.8965 remain intact.

Previous Report

Support0.81400.81050.80850.80600.7995
Resistance0.82150.82350.82550.82950.8320
RecommendationBased on the charts and explanations above our opinion is, buying the pair with a break of 0.8215 targeting 0.8360 and stop loss below 0.8100 might be appropriate.