Tech Talk – The Buck Bounces Back
FOREX.com | Mar 06, 2012 10:42AM ET
followed daily RSI which broke below corresponding trendline support prior to price (as I highlighted last week) –See yesterday's TECH TALK . The yellow metal also took out the key 200-day sma at $1677/78 and has just tested the top of the daily Ichimoku Cloud around $1665. As always, what was support now becomes resistance, so look for the $1690/95 level to prove resistive over the coming sessions.
• Silver (XAG/USD) easily cracked below the 38.2% retracement near $33.15 (using the Dec. low & Feb. high) and then just recently tested the February low around $32.65. Should that fail to prove a sufficient level of support, keep an eye on the converging 50 & 200-day sma’s at $32.25/35.
• EUR/AUD broke above the highlighted 50-day sma around 1.2390/95 as well as the key horizontal pivot at 1.2420 – Thus, the best place to be is probably on the sidelines with the cross at the moment until something more significant materializes. For those still fixated with this pair, you may want to keep an eye on the 50% retracement around 1.2440 (using the 2/27 high & 3/2 low).
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