Australian Dollar: Small Double Top Visible On Short-Term Chart
Carol Harmer | Jun 18, 2013 02:03AM ET
The Aussie fell off slightly, but did not do any real damage to the downside, as we stayed above the short term 50% Fib level of .9495. We have held below some good resistance and therefore we are seeing a small Double Top on the short term charts.
.9500 has been the low and we stated yesterday that this was good support. Between here and .9492 will act as good technical support so we are only looking to re-sell if the market breaks below .9490. A break below here will see further weakness and we would be looking at the market coming lower to the short term 61.8% Fib level of .9455. At this level we look to cover all shorts.
Now if we can hold this support we look for a move back toward .9570/80. From here, cover longs...If we can break .9580 the next resistance level of .9625 will entice. You can see that this level is the R1 on the pivot point analysis levels.
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