Investing.com - Financial Markets Worldwide
Get 40% Off
Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Australian Dollar Heads Lower

ByCarol Harmer
Published 07/24/2013, 03:56 AM
Updated 07/09/2023, 06:32 AM

Buyers tried to take us higher on the back of the broken trendline yesterday but we reached 9318 just shy of 9325 target and sellers then won the day driving the buyers aside and taking us lower for 9245.

If the sellers do their job properly we should see the market come lower to 9200/9180. At this point, short term charts would have unwound the overbought scenario and turned bullish, and this should give the buyers more confidence to go into the market and stamp on any sellers' threats. Buyers should hold positions unless we break below 9155.

If buyers can hold fast and break back above the 9280 area we believe this will also encourage buyers back into the market, as the medium term stochastics are still pointing higher. If they do manage to break 9325 and hold above here on a close basis, we would be looking at 9460 initially then 9530. This will not happen overnight so you need to be a position taker to make the most of this trade.
Australian Dollar

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.