The lower and upper edges of the wedge pattern come in at 96.45 and 99.60 and, judging by recent experience, trading this range makes a lot of sense. Trend momentum is totally lacking here. The pair should find further good support at the 100-day MA, now at 95.00. The 5-day and 15-day MAs look set for a bearish cross and this will attract some model-fund selling, though preempting these crossovers is notoriously costly! Hourly support comes in at 97.10/20 and hourly resistance at 97.90.
