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Free AccessRally Keeps Pressure Off Key Support...>
AUSSIE TECHS: Rally Keeps Pressure Off Key Support Area
*RES 4: $0.7859 76.4% Fibo of $0.7917-$0.7672
*RES 3: $0.7823 61.8% Fibo of $0.7917-$0.7672
*RES 2: $0.7786/94 Intraday high, 50% of $0.7917-$0.7672
*RES 1: $0.7755/65 Hourly resistance
*PRICE: $0.7715 @1633GMT
*SUP 1: $0.7687 Intraday low
*SUP 2: $0.7672 Mar 21 low
*SUP 3: $0.7643/52 6 week bear channel, 76.4% $0.7502-$0.8136
*SUP 4: $0.7628/34 Dec 14 low, 2% volatility band
*COMMENTARY* The fall reached $0.7672 on Wednesday before finding some support
and the strength to rally. This prevented a test into the key support from
around $0.7650. The subsequent rise to a high of $0.7786 so far today, currently
looks 5 wave impulsive, so although the setback has fallen below the ideal
support at $0.7700, there may still be scope for increased gains to follow while
above $0.7672. Resistance $0.7755-$0.7765.
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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.