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Australian Dollar Technical Analysis

Posted by Joseph Trevisani on Mar 19, 2013 6:23:00 PM

Another Failure Ahead Of The 61.8% Fibonacci Level
RES 4: $1.0578 - Double Daily Top Jan 16 & 22
RES 3: $1.0477 - High Jan 30
RES 2: $1.0457 - High Feb 5
RES 1: $1.0414 - 61.8% retracement of $1.0598-1.0117 move
 

PRICE: 1.0362 at 6:25 ET

SUP 1: $1.0346 - Low Mar 18
SUP 2: $1.0268 - Low Mar 12
SUP 3: $1.0205 - Low Mar 11
SUP 4: $1.0152 - 21 day lower Bollinger band

COMMENTARY: The AUD/USD has again failed at the 61.8% Fibonacci retracement
level. We will continue to look for a close back below the Mar 18 lows to
relieve the recent bullish pressure and see the pair retest the Mar 12 lows,
with the 21-DMA now coming in just ahead at $1.0283. Topside a close above the
$1.0414 level is needed to reconfirm the bullish focus with the $1.0457-77
resistance region then becoming the immediate focus.

 

Market News International

 

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