Free Trial

Triangular Consolidation Following.....>

AUSSIE TECHS
AUSSIE TECHS: Triangular Consolidation Following Last Week's $0.7672 Low
*RES 4: $0.7859 76.4% Fibo of $0.7917-$0.7672
*RES 3: $0.7823 61.8% Fibo of $0.7917-$0.7672, 1% vol band
*RES 2: $0.7786/94 Mar 22 high, 50% of $0.7917-$0.7672
*RES 1: $0.7755/65 Hourly resistance
*PRICE: $0.7723 @0816GMT 
*SUP 1: $0.7687 Mar 22 low
*SUP 2: $0.7667/72 1% volatility band, Mar 21 low
*SUP 3: $0.7652 76.4% Fibo of $0.7502-$0.8136 
*SUP 4: $0.7628/31 Dec 14 low, 7 week bear channel base
*COMMENTARY* A triangular type consolidation has been playing out following the
dip to $0.7672 last week. If anything is to become of last Wednesday's
potentially bullish 'Outside Day' then will need to see a rally back above
$0.7786-$0.7794 soon or the risk will once again revert to lower, with a loss of
$0.7672-$0.7667 having the potential to test $0.7652 and potentially $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.