Free Trial

###POV $0.7498-0.7720 Support Key......>

AUSSIE TECHS
AUSSIE TECHS: ###POV $0.7498-0.7720 Support Key For LT Traders
- The rally from $0.7498 Dec lows stalled ahead of $0.8162 May 2015 monthly
highs after having traded at 2018 & 2+yr highs. The pair has then remained heavy
with the correction seeing pressure back on the pivotal $0.7498-0.7720 support
region where 55 ($0.7714) & 100 ($0.7616) WMAs and the weekly bull channel base
($0.7530) off 2016 lows are located.
- LT traders look for a close below the pivotal $0.7720 weekly high from late
Dec to add weight to their case for a move back to $.7142 (monthly low May 2015)
and then $0.6825 (2015 lows) with a close below $0.7498 to confirm. Correcting
O/B weekly studies are currently seen weighing.
- The $0.8162 level remains key for LT traders. Bulls need a close above to
shift focus to $0.8295-0.8542 where the weekly bull channel top ($0.8463) is
found along with monthly highs from 2015, and to reconfirm a bullish correction
within the broader LT bearish channel off 2011 highs with the channel top noted
around $0.9155.
- Click for chart https://tinyurl.com/yab9r3sv

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.