Australian Dollar: Getting Long This Market
Carol Harmer | Aug 23, 2013 09:40AM ET
Aussie bounced to the short term 38.2% Fib located at 9046. We have seen a pullback but are being held up by buyers at 9007/8998. As long as this support holds we are right to be long of this market. The 60 and 240 min charts have turned positive and this will help buyers make the right move in trading. Look to buy any short term weakness between 8950/8930 looking for a correction. If we do not pullback and break the 9046 resistance we should be able to trade a lot higher.
We would be looking at this coming back to at least the 9080/9097 area which encompasses the 50% short term Fib and some good chart resistance. It would be prudent for buyers to cover longs in this vicinity. You can always go back in on a correction lower, or if the market goes above 9118.
Now if we hit the 8998 area we should--as stated--come back to 8950/30. Buyers should be in defending this support. If we lose 8930 and we see this coming lower, expect 8885 as the nearby targeted area.
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