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Australian Dollar Snapshot

Posted by Joseph Trevisani on Feb 14, 2013 10:38:00 AM

Pushing slowly higher to just over 1.0360 from the 1.0327 low at 6:00 am. On the way down the break of 1.0350 brought out sellers and in 45 minutes of steadily lower offers dropped the currency pair to the bottom. 

The return was quick though not far, the aussie bounced back to 1.0342  within 15 minutes, then after a nearly two hour pause trading between 1.0336 and 1.0344 the pair moved back to 1.3050 in a flurry of  fast up and down lurches and then through 1.0350 in one rapid move. The aussie has remined above the 50 line since.

Initial resistance at 1.3070 the top for since February 6th and today's Asian high.  Moderate resistance at 1.0400 and 1.0480, the peak since late January, backstopped by 1.0525 and 1.0600.  Suport at 1.0300, 1.0225 and 1.0140. 

Moving averages: 21 day 1.0417, 55 day 1.0456, 100 day 1.0352

Last 1.0362 bid

 

ScreenHunter 563 Feb. 14 11.12 resized 600Joseph Trevisani

Chief Market Strategist

WorldWideMarkets

 

Chart: Bloomberg

 

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