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Australian Dollar Technical Analysis

Posted by Joseph Trevisani on Feb 19, 2013 5:09:00 PM

A close above 1.0398 is needed to shift focus higher

Resistance 4: 1.0578 - High January 16 & 22

Resistance 3: 1.0477 - High January 30

Resistance 2: 1.0398 - High February 6

Resistance 1: 1.0374 - High February 15

Market bid 1.0353

Support 1: 1.0235 - 21 day lower Bollinger band

Support 2: 1.0228 - Low February 12

Support 3: 1.0150 - Monthly low October 8

Support 4: 1.0101 - Monthly low July 12


Analysis: The Australian Dollar has bounced back towards initial resistance with the
21-day moving average at 1.0388. We continue to look for a close above the
1.0398 level to see immediate focus turn to the January 30 high and then the January
monthly highs. Daily tech studies are correcting from oversold levels and this
may continue to provide support for the pair on dips, but while the 1.0398
resistance remains in play focus remains on the 1.0220-30 support region.

 

MNI & WWM

 Australian Dollar Daily Chart

describe the image

 

Chart: Bloomberg

 

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