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Aussie/Yen Technical Analysis

Posted by Joseph Trevisani on Feb 11, 2013 6:08:00 PM

Bounces From Initial Support

Resistance 4: 103.4 - High July 28 2008
Resistance 3: 99.93 - High August 7 2008
Resistance 2: 98.23 - High August 11 2008
Resistance 1: 97.40 - High February 5 & 6

Market Price 96.63 bid

Support 1: 95.08 - Previous daily resistance now support
Support 2: 94.13 - Low January 28
Support 3: 92.50 - Low January 16
Support 4: 91.13 - Low January 3

Analysis: The 95.08 support level confirmed its significance overnight with the pair bouncing from just in front of initial support and the 21 day-moving-average (95.23).  The trend high at 97.40 remains key topside with the pair needing to close above that to kick start bullish topside momentum. Back below the 95.08 support would see immediate focus turn to a retest of the January 16 low.

 

MNI & WWM

 

Chart: Bloomberg

 

 

ScreenHunter 544 Feb. 11 18.20 resized 600

 

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