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Free AccessStill Vulnerable Despite Today's.......>
AUSSIE TECHS: Still Vulnerable Despite Today's Bounce
*RES 4: 0.6659 Trendline resistance drawn off the Jan 2 high
*RES 3: 0.6639 High Feb 21
*RES 2: 0.6607 High Feb 26
*RES 1: 0.6585 High Feb 28
*PRICE: 0.6528 @ 17:15 GMT Mar 2
*SUP 1: 0.6434 Low Feb 28
*SUP 2: 0.6422 1.382 projection of Jan 16 - Feb 4 decline from Feb 5 high
*SUP 3: 0.6417 3.0% 10-dma envelope
*SUP 4: 0.6392 1.50 projection of Jan 16 - Feb 4 decline from Feb 5 high
AUDUSD is off Friday's lows but remains vulnerable. The pair traded to a fresh
low of 0.6434 Friday to further reinforce current bearish conditions. Further
weakness is anticipated with the focus on 0.6422 and 0.6392 next, both Fibonacci
projections. While it may appear far away for now, the pace of the current slide
warns of a move down to the next major support at 0.6009, the 2008 low. Initial
resistance is at 0.6585, Friday's high.
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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.