Free Trial

Pullbacks Most Likely A Correction.....>

AUSSIE TECHS
AUSSIE TECHS: Pullbacks Most Likely A Correction
*RES 4: 0.7009 High Jul 24
*RES 3: 0.6985 76.4% retracement of Jul 19 - Oct 2 decline
*RES 2: 0.6955 High Jul 26
*RES 1: 0.6939 High Dec 13
*PRICE: 0.6886 @ 10:38 GMT Dec 16
*SUP 1: 0.6864 Low Dec 13
*SUP 2: 0.6829 Trendline support drawn off the Dec 2 low
*SUP 3: 0.6800 Low Dec 10
*SUP 4: 0.6754/52 Low Nov 29 / Low Oct 17 and key support
AUDUSD extended the rally Friday but did find strong resistance at the day high.
Last week's gains resulted in a test above the former key resistance of 0.6930,
Oct 31 high. Despite pulling back off Friday's high, bullish conditions remain
intact and the setback is being viewed as a correction. A recovery above last
weeks high of 0.6939 would confirm a resumption of strength and open 0.6985,
76.4% of Jul 19 - Oct 2 decline. 0.6829 is trendline support.

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.