Free Trial

Triangular Consolidation Breaks To.....>

AUSSIE TECHS
AUSSIE TECHS: Triangular Consolidation Breaks To The Downside
*RES 4: $0.7784/86 1% volatility band, Mar 22 high
*RES 3: $0.7758 Mar 26 high
*RES 2: $0.7735 Congestion area Mar 23-27
*RES 1: $0.7703 Hourly low Mar 27, intraday high
*PRICE: $0.7672 @0845GMT 
*SUP 1: $0.7641 Equality fall from $0.7917 to $0.7989-$0.7713
*SUP 2: $0.7623/30 7 week bear channel base, 1% vol band
*SUP 3: $0.7602 1.618 swing of $0.76720-$0.7786
*SUP 4: $0.7553 2% volatility band
*COMMENTARY* The triangular consolidation has broken to the downside, also
losing support from the month's previous $0.7672 low in the process. This sees
risk revert immediately to the 76.4% Fibo retrace level at $0.7652 and the
equality fall target at the slightly lower $0.7641 level. In the meantime,
resistance comes from the day's $0.7703 high, needing back through here for any
respite. Below $0.7641 and scope to see $0.7630-$0.7602.

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.