Sunday, January 8, 2012

Here We Go Again. AUD At Risk of Heading Down.

From my FX Dealer;
The AUD/USD closed the week well below the 23.6% Fibonacci extension taken from the August 1st and October 27th crests at 1.0365. Interim resistance stands at the 1.03-figure backed by the 1.0365 with the 200-day moving average holding just higher at 1.0413. The medium-term bias for the pair remains weighted to the downside with support targets held at the 100-day moving average just below the 1.02-handle. Subsequent floors are seen at the 38.2% extension at 1.0120 and parity.
Just for info. There are other reasons why indexes will go down this week. How much and how far, is to be seen.