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Australian Dollar Support and Resistance Technical Analysis

Posted by Joseph Trevisani on Mar 4, 2013 5:39:00 PM


Lack Of Follow Through Selling on Breech of Support a Concern

Resistance 4: 1.0477 - High January 30
Resistance 3: 1.0398 - High February 6
Resistance 2: 1.0374 - High February 15
Resistance 1: 1.0293 - 21 day moving average

LATEST PRICE: 1.0191

Support 1: 1.0165 - 21 day lower Bollinger band
Support 2: 1.0117 - Low March 4
Support 3: 1.0101 - Monthly low July 12
Support 4: 0.9972 - Low June 26

COMMENTARY: The Australian Dollarr managed to trade at the lowest levels since mid July overnight before bouncing to end the session on its highs. The lack of follow through on the move below the previous 1.0150 support is a concern when combined with oversold daily technical studies but we will continue to look for a close above the 21-day moving average to relieve the current bearish pressure. While the pair remains below the 21-day moving average we will now target the July monthly low.

 

MNI & WWM

Chart: Bloomberg

 

ScreenHunter 694 Mar. 04 17.53 resized 600

 

 

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