A 2nd positive weekly performance in succession was posted with a move that took the currency pair to the most positive levels traded for 9 months and a correction of 76% of the 2012-13 decline.
In addition momentum is supportive, prices are above the important 13 day moving average, and the market is ‘hugging’ the top of the Keltner channel – a trending indicator.
Overbought extremes offer a note of caution but allowing for some profit taking to develop but expecting setbacks to continue to be limited with the Marabuzo line created by last week's price action likely to attract investors on any dip.
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