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Forex Trading: Australian Dollar Technical Analysis

Posted by Joseph Trevisani on Apr 2, 2013 5:42:00 PM



More range trading  for now, 1.0386-1.0497

Resistance 4: 1.0578 - Double Daily Top January 16 & 22
Resistance 3: 1.0529 - 21 day upper Bollinger band
Resistance 2: 1.0497 - Monthly high March 26
Resistance 1: 1.0479 - High April 2

Price: 1.0450

Support 1: 1.0385 - 200 day moving average
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 continued its bounce from the 200-day-moving-average but has paused ahead of the March monthly highs. The pair looks like remaining confined to a
1.0386-1.0497 range for the time being with a break of either side determining
the next move. Above 1.0497 sees the pair target the 1.0578-98 region and the
2013 highs whereas a move back below the 200-day-moving-average sees immediate focus turn to the March 12 lows and then the 2013 lows beneath.

MNI & WWM

Chart Bloomberg

aud1 resized 600

 

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