Australian Dollar: In A Bullish Mode
Carol Harmer | Apr 10, 2014 04:12AM ET
Aussie still has that 9449 resistance. We have been to 9343 and this may well be enough on this leg higher and for Aussie to correct some of the recent gains. I still think Aussie is higher now that we have completed the move off the base pattern but markets do not usually go in a straight line.
Now we are still in the bullish mode in Aussie and whilst this is the case we are still buying dips. Daily Pivot is at 9375 so we should see a retracement back to this support zone if not in our time zone then the US. If seen we are buying this weakness and only reversing out of longs if we break the 9360 support. If we do then there is scope for a further leg lower with 9350/45 then targeted. Again we are buyers on weakness to here.
Now we know we have this 9449 resistance so if we do break above 9465 we have to go with it and be long because then the 9600 measured target does not seem that far away, given the recent price action.
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