Free Trial

Bears Look for Close Below $0.7838.....>

AUSSIE TECHS
AUSSIE TECHS: Bears Look for Close Below $0.7838
*RES 4: $0.7998 - Hourly resistance Aug 1 
*RES 3: $0.7979 - High Aug 4 
*RES 2: $0.7949 - High Aug 7 
*RES 1: $0.7919 - Hourly support Aug 8 now resistance
*PRICE: $0.7914 @ 0430GMT
*SUP 1: $0.7890 - Low Aug 8 
*SUP 2: $0.7874 - Low July 21 
*SUP 3: $0.7838 - High July 17 now support 
*SUP 4: $0.7781 - Low July 17
*COMMENTARY: Despite pressure back on $0.7838-0.7874 bulls take comfort in
support emerging around the 21-DMA on dips. Bears continue to look for a close
below $0.7874 to confirm a break of the 21-DMA ($0.7899) and add weight to their
case. Overall below $0.7838 is needed to shift focus to $0.7710-0.7781. Bulls
need a close above $0.7949 to ease immediate bearish pressure and above $0.7998
to shift focus initial focus back to $0.8044-65 where 2017 highs are located.

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.