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Forex Trading: Australian Dollar Technical Analysis

Posted by Joseph Trevisani on Apr 8, 2013 5:49:00 PM



Initial Support Confirms Significance

Resistance 4: 1.0578 - Double Daily Top January 16 & 22
Resistance 3: 1.0510 - 21 day upper Bollinger band
Resistance 2: 1.0497 - Monthly high March 26
Resistance 1: 1.0439 - High April 5

Price: 1.0416 6:30 pm ET

Support 1: 1.0346 - Low March 18
Support 2: 1.0307 - 50% Retracement of 1.0117-1.0497 move
Support 3: 1.0268 - Low March 12
Support 4: 1.0205 - Low March 11

Commentary: The AUD/USD briefly dipped below the 50% Fibonacci level yesterday before bouncing back towards initial resistance reinforcing the significance of the 1.0346-52 region. Topside the pair needs to close above initial resistance to take the immediate focus away from continued tests of the 1.0346-52 region and a potential continuation lower that targets the 2013 lows overall. A close above 1.0439 sees the pair look to retest the 1.0495-00 region.

 

Market News International & WorldWideMarkets

Chart: BloombergScreenHunter 917 Apr. 08 18.30

 

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