AUD Looks To Extend Higher
Steve Miley | Sep 17, 2013 04:43AM ET
The Australian dollar looks to extend higher and targets .9520 this week
- A robust Monday rally after resilient consolidation to end last week to better push through our target area at .9315/45 June/ July failure peaks.
- Whilst above minor support at .9240/20 and with a better foundation at .9115/10, we still see upside risk through mid-September.
- The prior reversal above the trend line from April and chart barrier at .9235 sees risk to a tough barrier .9520, 38.2% retrace of the 2013 sell-off.
- Overshoot threat above here is the chart hurdle at .9665 and 50% retrace, .9725
WHAT CHANGES THIS?
Below .9220 eases bull risks, to neutral through .9115/10; only shifting negative below .8890.
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