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Australian Dollar Technical Levels, Support and Resistance

Posted by Joseph Trevisani on Oct 4, 2013 4:40:00 PM

0.9674       High June 6

0.9670       Resistance

0.9557       High June 19

0.9550-60  Strong offers

0.9527/29  Resistance, High September 19, September 18

0.9500       Strong offers, stops

0.9480       Resistance, strong offers

0.9460       Minor stops

0.9458       Resistance, High September 20

 

0.9435      Close Friday October 4th

 

0.9400       Weak bids

0.9386       5-day moving average

0.9380       Moderate bids

0.9367       Support, low October 3

0.9350/52  Moderate bids,  21-day moving average

0.9334       Support, low October 2

0.9281       Support, low Sept 30

0.9217       Support, low Sept 10

0.9320       Weak bids

 

Analysis 

The Australian Dollar has rebounded smartly from the 0.9281 support line on September 30th and October 1st but has been thwarted ahead of the September 20th high of 0.9458. Behind that is resistance at the September 18th and 19th highs of 0.9529 and 0.9524. Except for the burst higher those two days fomented by the September 18 FOMC meeting that declined to begin reducing quantitative as expected, the Aussie had not been above 0.9500 since it fell through in mid-June. Before that the currency had not been below 0.9500 for two and a half years, since September 2010.

A close below the September 30th low and support at 0.9281 would be needed to confirm a breakdown. Below that a break of resistance at 0.9217 would warrant a change to a bearish focus.

 

WorldWideMarkets

Chart: Bloomberg

ScreenHunter 1870 Oct. 04 17.39

 








 

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