Free Trial

Back Above $0.7585 Required Before.....>

AUSSIE TECHS
AUSSIE TECHS: Back Above $0.7585 Required Before Any Correction Likely
*RES 4: $0.7643 Mar 29 low, now resistance
*RES 3: $0.7621 Apr 24 high
*RES 2: $0.7585 Apr 27 high
*RES 1: $0.7561 May 4 high
*PRICE: $0.7517 @0830GMT 
*SUP 1: $0.7490/95 Hourly support
*SUP 2: $0.7462/73 1% volatility band, May 1 low
*SUP 3: $0.7419 1.618 swing target of $0.7473-$0.7561
*SUP 4: $0.7386/97 2% vol band, 2018 weekly bear channel 
*COMMENTARY* Downside interest continued last week, breaking beneath the
$0.7510-$0.7502 support area. The longer term 50% Fibo retrace level at $0.7481
is the latest to come under pressure. In the meantime, have seen a recovery to
$0.7561 but currently requires a move back above last Friday's $0.7585 high,
before any correction of losses from the Apr 19 high at $0.7813 is likely. Lose
$0.7473-$0.7462 and $0.7419 then protects against a $0.7397-$0.7386 fall.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.