Technical Analysis: AUD/USD 2012.03.16

March 16, 2012 10:45

  The pair surged back above 1.0500. However, while it trades below the 50-Day SMA by 1.0600, the risks are on the downside, so we look for a new drop towards the 1.0370-1.0400 support area, right where the 100-Day SMA and the 200-Day SMA reside, with a clear break below to confirm the bearish bias and accelerate declines ahead of parity. Only a break and consolidation above the 50-Day SMA would confirm gains towards the 1.0850 resistance.    

Edward Smith, technical analyst of company Admiral Markets.

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