WorldWideMarkets Community

Forex Trading, Market News & Technical Analysis

Australian Dollar Technical Analysis

Posted by Joseph Trevisani on Mar 26, 2013 6:53:00 PM

Below $1.0414 Needed To Shift Focus Lower

RES 4: $1.0624 - High Sept 14
RES 3: $1.0598 - 2013 high Jan 10 & 11
RES 2: $1.0578 - Double Daily Top Jan 16 & 22
RES 1: $1.0509 - 21 day upper Bollinger band

PRICE: 1.0477  6:56 ET

SUP 1: $1.0448 - Low Mar 26
SUP 2: $1.0414 - Previous daily resistance now support
SUP 3: $1.0346 - Low Mar 18
SUP 4: $1.0268 - Low Mar 12

COMMENTARY: The AUD/USD continues to make headway towards our current target in
the $1.0578-98 region with initial support now noted at yesterday's low and a close below needed to relieve the immediate bullish focus. Overall we will now look for a close back below the $1.0414 support to shift focus back to retests of the Mar 12 low and then 2013 lows below. The 21 day upper Bollinger continues to head sharply higher with tests expected to continue while $1.0448 supports.

 

MNI

 

Chart: WWM Flash Trader

 

ScreenHunter 857 Mar. 26 18.58 resized 600

 

Tools & Educational Resources

Forex 101LEARN MORE >>
Learn the basics of Forex and how to practice trading the markets.

GlossaryLEARN MORE >>
Confused by the language? Click here and search for key trading terms.

FAQ CenterLEARN MORE >>
Browse our frequently asked questions and find your answers right away.

VideosLEARN MORE >>
Access to the educational lessons, webinars and platform walkthroughs.

READY TO TRY THE MARKETS?

Get started with a FREE $10,000 Demo Account and experience the Forex Market RISK FREE!