Free Trial

Pivotal $0.7875 Resistance The Clue....>

AUSSIE TECHS
AUSSIE TECHS: Pivotal $0.7875 Resistance The Clue To Near Term Direction
*RES 4: $0.7987 Feb 1 low, now resistance
*RES 3: $0.7954 Feb 5 high
*RES 2: $0.7911 Feb 6 high
*RES 1: $0.7875 Hourly pivot
*PRICE: $0.7865 @0937GMT 
*SUP 1: $0.7805/13 Hourly support, 1% volatility band
*SUP 2: $0.7773 Hourly base Feb 9 
*SUP 3: $0.7759 Feb 9 low
*SUP 4: $0.7740/44 2% vol band, 61.8% Fibo of $0.7502-$0.8136
*COMMENTARY* The decline gathered pace and exuberance over the course of last
week. A low of $0.7759 seen on Friday, slightly below the important lower 2%
volatility band but the break was only brief, given the higher $$0.7820 close.
Has become extremely oversold in the near term but relies on a maintained move
back above the pivotal hourly resistance at $0.7875, before any confidence in a
correction of losses from the Year's $0.8136 high will appear.

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.