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Forex Trading: Australian Dollar Technical Analysis

Posted by Joseph Trevisani on Apr 3, 2013 5:06:00 PM


March Monthly Highs Capped For Now

Resistance 4: 1.0598 - Double Daily Top & 2013 high January 10 & 11
Resistance 3: 1.0578 - Double Daily Top January 16 & 22
Resistance 2: 1.0533 - 21 day upper Bollinger band
Resistance 1: 1.0497 - Monthly high March 26

PRICE: 1.0472 @ 1900GMT

Support 1: 1.0389 - 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 has put in a double daily top at the 1.0497 March monthly
high resistance level with further trading within a 1.0386-1.0497 range favoured until a break above is seen. The 21 day-moving-average (1.0381) comes in just below the 200  day-moving-average today, adding significance to the initial support. A close below would see immediate focus turn to the March 12 lows and then the 2013 lows beneath. A close above the 1.0497 sees focus turn to the 2013 highs.

Market News International & WorldWideMarkets

Chart: Bloomberg

ScreenHunter 892 Apr. 03 17.18 resized 600

 

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