Free Trial

Pullback Continues $0.7880-$0.7863.....>

AUSSIE TECHS
AUSSIE TECHS: Pullback Continues $0.7880-$0.7863 Now Next Support
*RES 4: $0.8040/43 1% volatility band, Aug 1 high
*RES 3: $0.8008/12 Jul 28 high,$0.8020 7 day falling res line 
*RES 2: $0.7980 Aug 4 high
*RES 1: $0.7949/55 Intraday high, hourly resistance
*PRICE: $0.7909 @1055GMT 
*SUP 1: $0.7875/80 Jul 21, Jul 26 lows, 1% volatility band
*SUP 2: $0.7863 38.2% Fibo of $0.7535-$0.8066
*SUP 3: $0.7800 50% of $0.7535-$0.8066, 2% volatility band
*SUP 4: $0.7786/87 Jul 18, Jul 17 lows
*COMMENTARY* A rally to $0.8043 last Tuesday but quickly reversed without seeing
an attempt to retest last month's $0.8066 high. The subsequent loss of
$0.7956-$0.7960 support is a near term concern and as a result has seen a
further break of the $0.7914-$0.7922 region. Now looking to the $0.7880-$0.7863
area to stem the fall or the correction deepens back toward $0.7800-$0.7786. 
Meanwhile, resistance from between $0.7955 and Friday's $0.7980 high.

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.