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Australian Dollar Showing Room For Strength

ByCarol Harmer
Published 09/23/2013, 02:51 AM
Updated 07/09/2023, 06:32 AM

The Aussie looked like it was going to trade lower after Friday's weaker close, but overnight we managed to climb back from .9346 and are currently above .9400. We have corrected nearly exactly back to the 50% short term fib level at 9438. Our short term charts still show room for strength, and the 240 are just touching the 25% stochastics point which could be bullish. It is only the daily charts that show bearish divergence and this is what we have to watch as the next few days unfold.

Let us see if we can break above this important Fib level at .9338 and stay above here. If we can we could look for another push higher and we would then see this move towards .9460 initially. This has held a few times, so we need to clear .9465 before buyers will come back into the market. With this done, there is scope for buyers to regain short term control and try for the recent highs of .9525/30.

Failure to break .9439 leaves us looking weaker and we could then see sellers drive us lower to .9346 then .9325/18.. Cover shorts in this area Re-sell below .9300 for .9285, then .9250.
Australian Dollar

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