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Free AccessDecline Continues $0.7666-$0.7631......>
AUSSIE TECHS: Decline Continues $0.7666-$0.7631 Next Target Zone
*RES 4: $0.7818 Oct 17 low, now resistance
*RES 3: $0.7796 Oct 23 low, hourly high Oct 24
*RES 2: $0.7770 Oct 24 low, now resistance
*RES 1: $0.7725/35 Hourly resistance
*PRICE: $0.7702 @1519GMT
*SUP 1: $0.7666 2% volatility band
*SUP 2: $0.7636 61.8% Fibo of $0.7333-$0.8126, Jun 14 high
*SUP 3: $0.7631 1.618 swing of $0.7733-$0.7898
*SUP 4: $0.7571 Jul 5 low
*COMMENTARY* Pullback continues, having lost support from the Oct 11 low at
$0.7771, also below the lower 1% volatility band and the Oct 6 low at $0.7733.
This suggests that the earlier $0.7733-$0.7898 bounce was a 4th wave correction
in the fall from the year's $0.8126 high on Sep 8. Next support comes from the
lower 2% band, at $0.7666 by time today and the bar to a further $0.7636-$0.7631
fall. Meanwhile, back above $0.7725-35 currently needed for near term respite.
To read the full story
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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.