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Australian Dollar Technical Analysis, Support & Resistance

Posted by Joseph Trevisani on Mar 12, 2013 6:20:00 PM


Focus Turns To Layers Of Resistance 1.0374-98

Resistance 4: 1.0578 - Double Daily Top January 16 & 22
Resistance 3: 1.0477 - High January 30
Resistance 2: 1.0398 - High February 6
Resistance 1: 1.0374 - High February 15

LATEST PRICE: 1.0318

Support 1: 1.0268 - Low March 12
Support 2: 1.0205 - Low March 11
Support 3: 1.0172 - 21 day lower Bollinger band
Support 4: 1.0117 - 2013 low March 4

The close above the previous 1.0298 resistance level in forex trading today sees focus return to the layers of resistance in the 1.0374-98 region which include the 100-day weighted moving average--1.0382 and the rising 21 day upper Bollinger band,1.0378. We will look for a close above this region to see overall focus return to 2013 highs, but while this region caps the risk remains for a dip back towards the March 11 low.

 

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