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Australian Dollar Technical Analysis

Posted by Joseph Trevisani on Feb 11, 2013 5:48:00 PM



October Monthly Low Remains the Overall Focus

Resistance 4: 1.0477 - High January 30
Resistance 3: 1.0434 - 21 day moving average
Resistance 2: 1.0398 - High February 6
Resistance 1: 1.0346 - High February 8

Market price: 1.0260 bid

Support 1: 1.0238 - Low October 23
Support 2: 1.0150 - Monthly low October 8
Support 3: 1.0101 - Monthly low July 12
Support 4: 0.9972 - Low June 25

Analysis: A bearish close overnight for the AUD/USD sees the pair hovering just above initial support at 1.0238. Overall focus remains on a move back to the October monthly lows with spikes below the lower 21 day Bollinger band (1.0257) expected to continue until the pair can manage a close back above February 8 highs. A daily close above the February 8 high is needed to relieve the current bearish momentum and hint at a bounce back to the January 30 high.

 

MNI & WWM

 

Chart: Bloomberg

 

 

ScreenHunter 543 Feb. 11 18.07 resized 600

 

 

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