Currencies: Technical Strategies
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New Rally for the Aussie Dollar?
Wed, Mar 12 2008, 16:26 GMT
by Andrei Pehar
Given the recent performance of both the Australian economy and the Australian Dollar, as well as the high interest rates Down Under (not to mention all the troubles brewing in the US), one could only expect that any cooling on the AUD/USD pair would be short-lived.
But do two consecutive days of gains really mean we've found a bottom for now, and that a new rally is about to take off? Let's take a closer look...
Tracing a Fibonacci pattern which began at the low of 0.8511 on January 24th of this year, and completed at the recent high of 0.9496 on February 29th, we see that the most recent drops repeatedly found support at 0.9264 (or a 23.6% retracement). Price managed to break below this key Fib. level only once, on March 11th, but 0.9264 failed to hold as resistance on the way back up.
As long as 0.9264 continues to hold as support, we can expect further gains in the days ahead. The next big test will be the resistance at 0.9496 - and if we manage to break above that then targets at 0.9673 and 0.9762 come into play.
If price breaks below 0.9264, then we would look for it to find support at 0.9120 or 0.9003 (any break below the 9000 mark is likely to find buyers at 0.8887).
Published on Wed, Mar 12 2008, 16:48 GMT
Archive
- Has the Aussie Found Bottom?
Published On Wed, Oct 22 2008, 20:29 GMT - Next Levels to Watch for the EUR/USD
Published On Wed, Oct 8 2008, 21:08 GMT - How to Catch the Next EUR/USD Move
Published On Thu, Sep 25 2008, 12:16 GMT - Yen Ranges Against US Dollar
Published On Fri, Sep 19 2008, 01:19 GMT - Projected Bottom for the GBP/JPY
Published On Wed, Sep 10 2008, 13:48 GMT
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