Investing.com - Financial Markets Worldwide
Get 40% Off
Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

Australian Dollar: Further Upward Movement Possible

ByCarol Harmer
Published 12/02/2013, 02:41 AM
Updated 07/09/2023, 06:32 AM

The Aussie moved higher, breaking 9135/40 and traded to overnight highs of 9165. We have resistance at 9170 and initially we should cover longs to there. We may see further upward movement with 9190 to 9225 then looking to entice higher. However, currently, dips look to be correctionary and should be bought.

9140/35 should offer short term support, but our Daily Pivot is at 9102 with the overnight low being 9107. This may well be a good place to re-instate longs. We can see that the Medium Term charts are beginning to turn positive, and this will help to buoy the Aussie in the short term.

As stated, resistance is up to 9222. Therefore, if we break and hold above 9225 we should see the market continue to strengthen and we would be looking at further upward moves with 9250/57 looking to be the first attraction. At this point, cover longs. Re-instate longs if we can make a break above 9270.

9325 will then be the targeted area which happens to be the Med Term 50% Fib level.
Australian Dollar Technicals

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.