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Australian Dollar: A Buy Signal In The 9417 Area

ByCarol Harmer
Published 10/08/2013, 01:27 AM
Updated 07/09/2023, 06:32 AM

Aussie has hit good support and a buy signal introduced in the 9417 area. We have another one down at the 9 and 21 day M/A which comes in today at 9372/64 and any move lower to here should see buyers rushing in. Short term, we are still in a good position to rise further and we look like we aer testing the 9460/65 region once more.

Initially cover all longs to here - we would expect some selling pressure at these higher levels. However, looking at the daily charts we see that there is still room to travel higher and the measured target off this inverse H&S is located at 9600. Do not expect it to rise in a straight line but be prepared to keep buying into weakness. Now we have the short term 23.6 Fib at 9417. We have seen 9411 as the low, so if today we cannot break below here we should also be buyers for this expected move up.

As stated 9460 is short term resistance. Above here then we have a good chance of trading higher and we see 9570/80 then 9600 as the target for the next few sessions.
Australian Dollar

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