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Australian Dollar: Going Lower

ByCarol Harmer
Published 06/20/2013, 04:29 AM
Updated 07/09/2023, 06:32 AM

Aussie slammed lower and has hit exactly the 9221 medium term target, sadly it has done it in 2 days but the thought was there. So now we have hit 9221 what happens next. 9221 is a massive support level from the weekly charts. It is the 61.8% weekly Fib and as such you should find buyers in at these lower levels. I am not talking about small punters but large corporations and banks. So even if we slide below here on stops and Algo systems I do think that there will be enough buyers to hold it, even if we slip 50 pips from here.

Now we will only know if the banks etc are in if we can hold 9170. Then we should see quite a\ good rally in the Aussie. Weekly charts still point lower but they are beginning to turn positive off the 16% area - so a rally should not be unexpected. The only problem for the buyers is having deep enough pockets and the belief that you can stand in front of a speeding train if that train has hit a weekly targeted area. Close your eyes., buy Aussie, put stops below 9170 and go away....

It is safer this way.

Australian Dollar

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