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Australian Dollar Technical Levels

Posted by Joseph Trevisani on Feb 13, 2013 5:10:00 PM

Layers Of Resistance 1.0578-1.0624

Resistance 4: 1.0578 - High January 16
Resistance 3: 1.0477 - High January 30
Resistance 2: 1.0417 - 21 day moving average
Resistance 1: 1.0398 - High February 6

Market Bid : 1.0362

Support 1: 1.0306 - Low February 13
Support 2: 1.0228 - Low February 12
Support 3: 1.0150 - Monthly low Oct 8
Support 4: 1.0101 - Monthly low Jul 12

COMMENTARY: The close back above yesterday's initial resistance level removes
the immediate downside pressure and combined with correcting oversold daily technical
studies increases the likelihood of a move higher that tests the January 30 high.

Topside the 1.0578-1.0624 region remains key with layers of resistance noted
including double daily tops and the upper 21 day Bollinger band. Downside the
pair needs to close back below yesterday's lows to refocus lower.

 

MNI & WWM

 

Chart: Bloomberg

 

ScreenHunter 557 Feb. 13 17.22 resized 600

 

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