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Free AccessTrendline Resistance Breached *RES.....>
AUSSIE TECHS: Trendline Resistance Breached
*RES 4: 0.6750 High Feb 12
*RES 3: 0.6719 50-day EMA
*RES 2: 0.6695 High Feb 20
*RES 1: 0.6662 38.2% Jan - Feb decline
*PRICE: 0.6634 @ 17:01 GMT Mar 6
*SUP 1: 0.6577 Low Mar 4
*SUP 2: 0.6510 Low Mar 3
*SUP 3: 0.6434 Low Feb 28 and bear trigger
*SUP 4: 0.6422 1.382 projection of Jan 16 - Feb 4 decline from Feb 5 high
AUDUSD remains above last Friday's lows and has today breached an important
hurdle signalling the formation of a base at the recent 0.6434 low, Feb 28. The
hurdle is a t-line resistance drawn off the Jan 2 high that intersects at
0.6624. The break improves the outlook for the Aussie and opens 0.6695. On the
downside, initial support lies at 0.6577, the Mar 4 low. A break is required to
undermine today's bullish development.
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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.