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Australian Dollar Technical Analysis

Posted by Joseph Trevisani on Mar 21, 2013 6:02:00 PM



1.0457-77 Region The Next Hurdle

Resistance 4: 1.0624 - High September 14
Resistance 3: 1.0598 - 2013 high January 10 & 11
Resistance 2  1.0578 - Double Daily Top January 16 & 22
Resistance 1: 1.0477 - High January 30

PRICE: 1.0434

Support 1: 1.0414 - Previous daily resistance now support
Support 2: 1.0346 - Low March 18
Support 3: 1.0268 - Low March 12
Support 4: 1.0205 - Low March 11

COMMENTARY: The AUD/USD finally took out the 61.8% Fibonacci resistance level
with immediate focus now on the 1.0457-77 region, while overall focus turns to
the 2013 highs. Initial support is now noted at the 1.0414 level that
previously capped the move higher, with a close back below needed to relieve
immediate topside pressure. Overall a close back below the March 18 1.0346 low is
needed to shift focus lower and back to the March 12 lows

 

MNI & WWM

Chart:Bloomberg

ScreenHunter 835 Mar. 21 18.12 resized 600

 

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