Weekly Report 02/04 -06/04/ 2012
Friday's closing-quarterly closing- was achieved exactly at the initial resistance level of 1.5995 while Stochastic remains positive. In the interim, a complex of negative divergences has appeared obviously on the four-hour interval as seen on the subsidiary image. Therefore, we will stay aside at least during the morning session since Cable is hovering around very sensitive areas and couldn't prove breaching the psychological level of 1.6000.
The trading range for this week is among key support at 1.5630 and key resistance at 1.6250.
The general trend over short term basis is to the downside, targeting 1.4225 as far as areas of 1.6875 remain intact.
|Recommendation||Based on the charts and explanations above our opinion is, staying aside until an actionable setup presents itself to pinpoint the upcoming big move.|