The Aussie is looking to reach its medium term target of 9580/70. Given the market is screaming for correction we feel this level will hold. Now this is the weekly 50% level going back from 2010 ad therefore we know it is going to offer huge protection on the downside.
Sellers will be covering just ahead of this support, especially as this has been the target now for a couple of weeks. Even the weekly charts have just entered oversold conditions now, so it is looking like we will bounce a bit from these lower levels. It's possible we'll go back and test the 200 day M/A and trendline resistance at 9847/69.
Now if we do break 9570, and more importantly sustain a move below here, we see 9388 which is the July 2011 low. I do not expect the market to go there in one fell swoop, but it is something to be aware of in the coming few weeks.
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Australian Dollar Now Reaching Medium Term Target
Published 05/23/2013, 03:02 AM
Updated 07/09/2023, 06:32 AM
Australian Dollar Now Reaching Medium Term Target
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