Free Trial

Downside Risk Still Intact *RES 4:.....>

AUSSIE TECHS
AUSSIE TECHS: Downside Risk Still Intact
*RES 4: 0.6774 High Feb 5 and key near-term resistance
*RES 3: 0.6750 High Feb 12
*RES 2: 0.6702 Trendline resistance drawn off the Jan 2 high
*RES 1: 0.6660 Low Feb 10 and former breakout point
*PRICE: 0.6591 @ 10:47 GMT Feb 24
*SUP 1: 0.6585 Intraday low
*SUP 2: 0.6568 Lower 3.0% Bollinger Band
*SUP 3: 0.6555 2.0% 10-dma envelope
*SUP 4: 0.6529 Low Mar 16 2009
AUD weakened further Friday, hitting new multi-year lows in the process before
staging a bounce. The pair though is again under pressure today. Pressure has
also begun to emerge from the longer-term dma space, in which the 100-mma now
sits below the 200-mma for the first time since 2008. This reinforces this
year's bearish pressure and highlights the potential for further weakness. The
lower 3.0% Bollinger Band may moderate any further decline at 0.6576.

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.