WorldWideMarkets Community

Forex Trading, Market News & Technical Analysis

Australian Dollar Support and Resistance and Technical Analysis

Posted by Joseph Trevisani on Mar 27, 2013 6:09:00 PM



1.0414 Support Confirms Significance

Resistance 4: 1.0598 - 2013 high January 10 & 11
Resistance 3: 1.0578 - Double Daily Top January 16 & 22
Resistance 2: 1.0531 - 21 day upper Bollinger band
Resistance 1: 1.0485 - Monthly high March 27

PRICE: 1.0448  6:30 pm ET

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: Immediate bullish pressure has eased for the AUD/USD with a move
back towards the key 1.0414 support overnight. The 1.0414 level has confirmed
its significance with the pair having bounced from just ahead. A close below the
1.0414 level remains needed to see immediate focus turn to tests of the 1.0346
March 18 low and overall focus back to the 2013 lows. Correcting overbought daily
technical studies could remain an issue on rallies for now.

 

MNI & WWM

Chart: Bloomberg

ScreenHunter 865 Mar. 27 18.29 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!