Investing.com - Financial Markets Worldwide
Get 40% Off
Get 40% Off
🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

Australian Dollar: A Move Lower

ByCarol Harmer
Published 10/29/2013, 06:37 AM
Updated 07/09/2023, 06:32 AM

Aussie came lower taking out the nearby support level of 9570. Now we were expecting this move lower so it should not have come as a shock. Ever since the AUD couldn't break the 200 day M/A we have seen this sell off and especially as correction could not then break us above the med term 50% Fib level. So now we have traded lower and we are only being held by the 21 day M/A at 9500. However, I expect this support to yield and for the Aussie to continue to weaken to the med term 38.2 fib level of 9437.

Now this is an important Fib level and should offer at least some short term respite. Shorts, therefore to be covered to here. I would expect the market to at least stage a corrective bounce from here and I would be looking at possibly the 9620 area again. We would have to wait and see if 9580 broke first.

Now if we cannot hold 9437 we are going to come lower and 9390 then 9360 is going to be our short term objective.
Australian Dollar

Latest comments

Loading next article…
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.