We have updated our privacy policy and terms & conditions. Find out more here.

Australian Dollar: Small Double Top Visible On Short-Term Chart

By ForexJun 18, 2013 06:03AM GMT Add a Comment
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.
Australian Dollar
Australian Dollar
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data .

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Add a Comment


Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Are you sure you want to delete this chart?
Are you sure you want to delete this chart?

Successfully Reported

Thank you. This comment has been flagged for a moderator.