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Australian Dollar: Looking Very Weak

ByCarol Harmer
Published 06/11/2013, 08:32 AM
Updated 07/09/2023, 06:32 AM

The Aussie still looks weak, and still the stochastics point lower on the daily, 240 and 60 min charts. We have to take a bit of a longer term look at the Aussie, and the break of 9388 has made us now looking to trade lower and the weekly 61.8 % Fib comes into view at 9221.

Now this is not that far away really...and although possibly we may well see the market trade a little higher on a correction, the break below 9380 is a weak signal and should be traded accordingly so any short term bounce and the market will be looking to be sold and I think we should hold now below 9465.

Now if on a bounce we struggle at 9380/88, this must be taken as a sign of weakness and we would then look for the market to trade lower to the 9221 support.

We obviously have small support levels before this major one...but Aussie is trending, therefore we have to go with it.

Australian Dollar

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