Australian Dollar Heads Lower
Carol Harmer | Jul 24, 2013 03:56AM ET
Buyers tried to take us higher on the back of the broken trendline yesterday but we reached 9318 just shy of 9325 target and sellers then won the day driving the buyers aside and taking us lower for 9245.
If the sellers do their job properly we should see the market come lower to 9200/9180. At this point, short term charts would have unwound the overbought scenario and turned bullish, and this should give the buyers more confidence to go into the market and stamp on any sellers' threats. Buyers should hold positions unless we break below 9155.
If buyers can hold fast and break back above the 9280 area we believe this will also encourage buyers back into the market, as the medium term stochastics are still pointing higher. If they do manage to break 9325 and hold above here on a close basis, we would be looking at 9460 initially then 9530. This will not happen overnight so you need to be a position taker to make the most of this trade.
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