The pair pushed up against the 55 dma at 1.3750 and a close above there would suggest further Short Term gains towards the top of the bearish channel which is at 1.3970. Beyond that resistance comes in at 1.4130/60 which was the low is February ’08 and also the low in June 1997.
Straits
The index is struggling to sustain above the November ’07 low at 3,265 and a close below 3,153 this week would mean a bearish weekly reversal is posted arguing for further Short Term losses. Note that additional resistance lies ahead at 3,340 (55 wma). Additional gains on this index are unlikely to materialise soon.
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