Technical Analysis: AUD/USD 2012.03.23

March 23, 2012 11:16

The pair managed to hold above the 1.0370-1.0400 support area, right where the 100-Day SMA and the 200-Day SMA reside, so we could see a rebound towards the 50-Day SMA by 1.0610, with a daily close above to confirm the uptrend ahead of the 1.0850 resistance. However, a consolidation below the 1.0370-1.0400 support area would confirm the bearish bias and accelerate declines ahead of parity.

Edward Smith, technical analyst of company Admiral Markets.

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