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Australian Dollar: Daily Charts Beginning To Turn Positive

ByCarol Harmer
Published 05/31/2013, 07:06 AM
Updated 07/09/2023, 06:32 AM

The Aussie failed to break 9698 as expected and the overbought conditions kicked in and down we came. At the moment we look on course for 0.9580/70. Now we should find some support here...but we do look overbought still on the 4hrly charts, and therefore a break of 9570 would see the market come under pressure once more and 9528 would once more entice.

Now our daily charts are beginning to turn positive...so although we expect the market to weaken initially...we will utilise any decline to instate a long position looking for the market to come higher...We would still have the 9698 resistance and we would cover here...Above 9700 and we would see the market come higher and we would be looking at 9730 initially then 9805. we would look again at the market...

So...we expect weakness....and 9528 is the target...Now if we lose 9500 then any longs should be liquidated as this would trigger a further slide with 9465 then the short term objective.

Australian Dollar

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